The energy ministers from Saudi Arabia, Russia, Qatar, and Venezuela agreed to freeze oil production at January levels following a meeting in Doha, Qatar. The agreement comes in response to falling oil prices which have forced oil-producing nations to revaluate their production strategies. According to reports, the freeze will only occur if other oil-producing nations also join the agreement. Oil prices rallied in response to the news.
See the following visualizations which highlight oil prices and production figures relevant to the production freeze.
Crude Oil Production in OPEC Countries
Crude Oil Spot Pricing
NYMEX WTI Crude Oil Futures #1 (Settle) – 1 Year
Indexed Compare: Dow Jones Industrial Average and Crude Oil