4 oil nations offer freeze in oil output

Russia and Saudi Arabia joined Qatar and Venezuela in pledging Tuesday to cap oil output if other producers do the same, aiming to halt a slide that has pushed crude prices to their lowest point in over a decade.

The decision followed a closed-door meeting involving the four countries in the Qatari capital, Doha, and reflects concern among big producers about the effects the slump poses to their domestic economies.

Russian Energy Minister Alexander Novak said in a statement after the meeting that the four countries would be ready to cap production based on last month’s output levels if others join.

The proposal depends on cooperation from producers with differing budget priorities scrambling for market share since prices began falling in 2014.

Among the hardest to bring on board will likely be Iran, which is eager to ramp up its exports now that sanctions related to its nuclear program have been lifted. Figures show it pumped 2.9 million barrels daily in December, before sanctions were lifted.

Iran’s petroleum minister, Bijar Namdar Zangeneh, signaled the Islamic Republic has no intention of giving up its share of the market. He acknowledged that global markets are “oversupplied,” but said Iran “will not overlook its quota,” according to comments carried by his ministry’s Shana news service.

U.S. crude lost 40 cents, or 1.4 percent, to $29.04 a barrel in New York on Tuesday. Brent crude, a benchmark for international oils, gave up $1.21, or 3.6 percent, to $32.18 a barrel in London.