Oil freeze deal will be done by March: Russia

Feb 21st, 2016

Consultations on a preliminary deal between leading oil producers to freeze output should be concluded by March 1 after a group led by Russia and Saudi Arabia reached a common position this week in Doha, Russia's energy minister said.

In a television interview aired on Saturday, Alexander Novak also said that the agreement announced on Feb. 16 was weighty enough.

"Those countries which have openly supported this approach are producing around 75 percent out of global (oil) export volumes. My point is that, in practice, this is enough to agree," Novak told the "Vesti on Saturday" program.

Russia, Saudi Arabia, Qatar and Venezuela said this week after talks in Doha that they were ready to freeze production at January levels if other producers do the same.

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