Opec oil ministers agree to freeze production

Minsters from Saudi Arabia, Qatar, Venezuela and Russia met in Doha today before announcing the agreement which could lead to a stabilisation in oil prices which have been hammered by global over production, sluggish demand and worries about the global economic outlook.

The oil price has dropped sharply in recent months and caused havoc in the sector’s job market.

Thousands of workers in the North Sea oil and gas industry have lost their jobs as a result of the languishing oil price which have fallen about 70 per cent from their recent peak of around $116 a barrel in June 2014.

Saudi Arabian oil minister Ali al-Naimi said: “Freezing now at the January level is adequate for the market. We don’t want significant gyrations in prices, we want to meet demand. We want a stable oil price.”