Four of the world’s major oil producers—Russia, Saudi Arabia, Qatar, and Venezuela—announced today that they would freeze production at current levels if others are willing to join them.
The move is intended to help stabilize energy prices amid the market’s recent freefall, but the deal is hardly iron-clad.
The Russian Ministry of Energy issued a statement after the announcement, emphasizing that the four countries are ready to make a deal “if other producers join this initiative.”
Others were less enthusiastic: Michael Lynch, president of Strategic Energy and Economic Research in Massachusetts, said, “The market does not need a freeze. It needs a reduction. They are not offering anything like that.” Read more at the New York Times.