4 oil producing Nations consented to freeze oil output

In a bid to tackle plummet that has battered nations, markets and companies, world’s largest producers of oil, Saudi Arabia and Russia consented to freeze oil output at near-record levels but producer Iran and Iraq stood out of this agreement.

• This agreement is first of its kind in coordinated cooperation between OPEC (13 member cartel that controls more than a third of the world’s oil) and non-OPEC producers in 15 years as oil producers seek to boost persistently low oil prices which have sunk by about 70%.
• Contrary, Iran and Iraq is planning to increase output by at least 500,000 barrels a day.