Saudi Arabia, Russia agree to freeze oil production

In a meeting with Qatar on Tuesday, Saudi Arabia and Russia have agreed to freeze oil output to stop the oil price from falling further, British daily The Independent reported.

Saudi oil minister Ali al-Naimi met with his Russian counterpart Alexander Novak in Doha to make an agreement to stabilize oil prices, which have fallen steadily over the last year.

Anticipating an agreement, the price of brent crude rose six percent Tuesday, trading at $35.22 a barrel.

Saudi Arabia has been reluctant to slow down its production without cooperation from other OPEC producers.

With oil losing more than 70 percent of its value in the last 18 months, Saudi Arabia has been forced to cut subsidies and raise prices on commodities and utility services for the first time in its modern history.