Russia and Saudi Arabia agree to freeze oil production output

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OPEC members Venezuela and Nigeria had called for a meeting to discuss crude prices that have fallen over 70 percent since 2014, Russia's news agency RT reports.

After meeting with his Russian counterpart Aleksandr Novak, Saudi Oil Minister Ali Al-Naimi said freezing output at January levels would be "adequate," but his country still wants to meet the demand of its customers.

Saudi Arabia has insisted it won't cut production unless major producers outside the cartel cooperate.