Doha - Mubasher: Oil ministers of Saudi Arabia, Russia and Venezuela held a meeting in Doha today and agreed to lock up their production levels at last January levels, according to Qatar's Energy Minister Mohammed Al Sada.
Al Sada told reporters after the meeting that this agreement will be offered to major producers to take final decision.
He added that it is expected to implement this agreement by the four countries for several months to reach tangible results.
A closed-door meeting was held this morning in Doha, which included the aforementioned ministers with Qatari counterpart to discuss the low prices and oversupply.
Qatar's energy minister said that he expects this action will restore stability to the oil market, noting that prices are still subject to supply and demand in the global markets.
The oil markets are suffering from oversupply, as producers provide market with one million to two million barrels per day above the level of demand.
