Qatar, Saudi, Russia and Venezuela agree to freeze oil output

LONDON: Brent crude oil futures pared gains on Tuesday after Qatar´s energy minister said his country had agreed to freeze output at January´s levels, together with Saudi Arabia, Russia and Venezuela.


Brent crude futures were last up 48 cents at $33.87 a barrel at 0907 GMT, having fallen back from a session high of $35.55 earlier.

Qatari energy minister Mohammad bin Saleh al-Sada said the joint decision was contingent on other major producers following suit.

“It´s really the first supply management decision taken since November 2014, so even though there will be some that will try to discount it and say it´s not a cut, it´s a change.

It is a big change in policy,” Petromatrix strategist Olivier Jakob said.

Oil prices have fallen by more than 70 percent in the past 20 months, driven down by near-record production both from OPEC and from non-members of the cartel, such as Russia.


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