News / Economy

    Saudi Arabia, Russia Lead 4-party Freeze on Oil Outputs

    FILE - A Saudi Aramco oil installion known as "Pump 3" in the desert near the oil-rich area of Khouris, 160 km east of the Saudi capital Riyadh.
    FILE - A Saudi Aramco oil installion known as "Pump 3" in the desert near the oil-rich area of Khouris, 160 km east of the Saudi capital Riyadh.
    VOA News

    Four of the world's biggest oil-producing nations have reached an agreement to freeze output to tackle the global oil surplus.

    The oil ministers of Russia, Saudi Arabia, Venezuela and Qatar agreed to the pact Tuesday during a closed-door meeting in the Qatar capital of Doha. The quartet will freeze output at January levels, which Saudi Arabian oil minister Ali al-Naimi called "adequate."

    The meeting is a signal that oil-producing nations, including members of OPEC, will eventually agree to an outright production cut to end a 19-month decline in prices that has sent oil falling below $30 a barrel for the first time in well over a decade. Those factors, combined with falling demand for oil, have drained government budgets in Russia, Saudi Arabia and Venezuela.

    Oil prices rose to just over $35 a barrel Tuesday on anticipation of a deal to cut production, but dropped to under $34 a barrel after the output freeze was announced.

    Observers predict oil prices will eventually fall to at least $20 a barrel before any recovery begins.

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    by: Marcus Aurelius II from: NJ USA
    February 16, 2016 11:06 AM
    Laughable. First of all, there is no honor among thieves. They'll cheat on their quotas sooner or later. Once one of them is caught at it, the rest will follow suit. Second, the world is drowning in oil. Empty storage space to put reserves is running short. Third, nations whose income largely depends on oil exports need the money at any price. Every one of those economies is in trouble due to low prices. Fourth, output in January was greater than the rate of actual consumption, the rest going into reserves while prices are low.

    Fifth, if oil prices go up, it will further damage the economies of consuming nations like China driving the cost of manufacturing and shipping higher. Sixth, if oil prices go up, other nations like the US will ramp up production again seeing a potential for profit driving the prices back down. Nope, this idea won't work. They'd better find something else to sell. Oil prices will probably stay low for the foreseeable future.

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