Oil production freeze to help balance market before end of year

The draft agreement being discussed at the meeting of the oil producing countries in Doha

Oman's Oil Minister Mohammad al-Rumhi has said the decision by oil producing countries to freeze oil production will help balance the market before the end of this year, according to Bloomberg agency.

The draft agreement being discussed at the meeting of the oil producing countries in Doha freezes oil production until October 1, 2016, he said. This version of agreement is favored by Saudi Arabia and Russia, al-Rumhi said.

The minister added that although the draft document does not stipulate any compulsory mechanisms and obligations to maintain oil production at the January level, in his view all attendees of the meeting would join it.

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