Four Oil Producing Countries Agreed to Fix the Oil price

Hopes for such a move underpinned the oil price in recent days but oil fell back from earlier gains.The announcement came after a meeting of the three Opec countries,Saudi Arabia, Qatar and Venezuela Oil ministers , as well as Russia, agreed to fix the  oil output at January levels, as long as others follow suit.This meeting was held on Doha,Qatar.

Saudi Arabian Oil Minister, Ali al-Naimi said “Freezing now at the January level is adequate for the market.The move is designed to support the oil price, which has fallen sharply in the past 18 months.