Russia’s Putin says Russian oil firms agree not to increase oil output in 2016

Russian oil companies have agreed not to increase oil production this year following preliminary deal between Russia, Saudi Arabia, Qatar and Venezuela reached last month, President Vladimir Putin told a meeting with the country’s top oil firms.

“As (Energy) minister (Alexander Novak) has reported, you all agree with this proposal,” Putin said.

“The purpose of our meeting, of the meeting today, is for me to personally hear this from you.”

Last month, Russia, Saudi Arabia, Qatar and Venezuela preliminary agreed to freeze oil production at January levels – which was near recent record highs for Russia and Saudi Arabia.

Source: Reuters (Reporting by Vladimir Soldatkin; writing by Katya Golubkova; Editing by Lidia Kelly)