Moscow, Riyadh agree to reduce or freeze crude oil production

Saudi Arabia and Russia, the two biggest producers of crude oil in the world, announced Tuesday that they will limit their production of crude if all of their competitors do the same. Qatar, Kuwait and Venezuela later expressed their backing of the plan, the first such cooperation in years aimed at raising crude oil prices. Most of the 13 members of OPEC, a cartel controlling a third of all oil production, are in political, military or economic disputes with each other so they are almost unable to reach a joint agreement. The global oil market now has a glut of 300 million barrels that has driven prices down to less than $30 a barrel.    

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