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Saudi Arabia, Russia, Venezuela And Qatar To Hold Oil Output Steady

Published February 16, 2016 at 1:33 PM EST
Qatar's Minister of Energy and Industry Mohammed Saleh al-Sada (center),Saudi Arabia's minister of Oil and Mineral Resources Ali al-Naimi (left), and Russia's Energy Minister Alexander Novak (right) attend a press conference on February 16, 2016, in the Qatari capital Doha. Energy giants Saudi Arabia and Russia agreed to freeze oil output to try to stabilize the market if other major producers do the same, Qatar's oil minister said. (Olya Morvan/AFP/Getty Images)
Qatar's Minister of Energy and Industry Mohammed Saleh al-Sada (center),Saudi Arabia's minister of Oil and Mineral Resources Ali al-Naimi (left), and Russia's Energy Minister Alexander Novak (right) attend a press conference on February 16, 2016, in the Qatari capital Doha. Energy giants Saudi Arabia and Russia agreed to freeze oil output to try to stabilize the market if other major producers do the same, Qatar's oil minister said. (Olya Morvan/AFP/Getty Images)

Saudi Arabia, Russia, Venezuela and Qatar announced a plan today to freeze oil output in an effort to stop the dramatic slide in oil prices. It is welcome news for many OPEC countries struggling from low prices, but it is not a production cut as some had hoped, and it comes with some caveats. Jason Bellini of the Wall Street Journal talks with Here & Now‘s Lisa Mullins to explain the details.

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