Ali al-Naimi, the Saudi Arabian oil minister met with Alexander Novakin Doha, his Russian counterpart, and representatives from Venezuela and Qatar in Doha on Tuesday where they agreed a freeze in the oil production at January levels.
"Freezing now at the January level is adequate for the market," said Saudi Arabian Oil Minister, Ali al-Naimi.
"We don't want significant gyrations in prices, we want to meet demand. We want a stable oil price."
The agreement fell short of cutting production to shore up oil prices.
The price of brent crude surged 6 per cent on Tuesday to trade at $35.22 a barrel in anticipation of an agreement.
It will be recalled that lawmakers differed on the $38 per barrel benchmark projected by president Mohamamdu Buhari in the 2016 budget as the price of crude of oil, the mainstay of the Nigerian economy.
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