Three OPEC Members Agree On Production Freeze
Three members of the Organization of Petroleum Exporting Countries (OPEC) as well as Russia seem to have finally agreed on a production freeze January levels.
OPEC has witnessed falling global oil prices as well as a reluctance of member states to cut production, with crude oil falling to a low of $28 before making a rebound.
Saudi Arabia, Qatar and Venezuela have all taken the initiative to lead production cuts with the condition that all the other members of OPEC follow suit.
Saudi Arabia and Russia are the two largest oil producers in the world and production cuts from these countries would arrest an impending glut.
The countries met in Doha, with Qatar being saddled with the responsibility of monitoring the agreement.