Russia, Saudi Arabia Reach Oil-Freeze Consensus, Interfax Says

Saudi Arabia and Russia have reached an agreement that means the Persian Gulf nation will make a final decision on freezing oil production regardless of whether Iran agrees to join, Interfax reported Tuesday.

The consensus was reached during talks between the two nations on Tuesday, Interfax reported citing an unidentified “informed diplomatic source.”

At least 16 nations including the world’s two largest crude oil producers will gather in Doha on April 17 to discuss freezing output at January levels in order to stabilize an oversupplied oil market. Saudi Arabia has insisted it would only commit to a production cap if Iran follows suit, a proposal that Iran’s oil minister has dismissed as “ridiculous.”

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