Russia, Saudis may limit oil output to slow fall in price

DUBAI, United Arab Emirates — Oil powerhouses Russia and Saudi Arabia joined Qatar and Venezuela in pledging Tuesday to cap their crude output if other producers do the same, aiming to halt a slide that has pushed oil prices to their lowest point in more than a decade.

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

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

“We are ready to maintain on average in 2016 the level of oil production of January 2016 and not exceed it,” he said in a subsequent statement.

Whether the plan is enough to put a floor under prices is uncertain. The proposal depends on cooperation from a range of producers with differing budget priorities.

Among the hardest to bring on board will likely be Iran. It was noticeably absent from Tuesday’s gathering even though it shares control of a major underwater natural gas field with fellow OPEC member Qatar.

Iran is eager to ramp up its exports now that sanctions related to its nuclear program have been lifted, saying it aims to put another 500,000 barrels a day on the market. Figures from the International Energy Agency 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.

Venezuelan Oil Minister Eulogio Del Pino heads to Tehran next for talks with his Iranian and Iraqi counterparts Wednesday.

“The key OPEC members that need to take part are Iran and Iraq, where the big increases are likely this year, but there are big doubts over whether this can be achieved,” Barclays analysts Miswin Mahesh and Kevin Norrish said in a research note.

Efforts to make the plan work are complicated by deep levels of distrust between regional rivals Saudi Arabia and Iran, which has built close ties to Iraq’s government.