OPEC Oil Freeze

For the past couple of weeks Russia and Saudi Arabia have been planning an oil output freeze. If the freeze is carried out, OPEC members will reduce their output to January levels. This was motivated by the record low oil prices below $30 a barrel. Oil is Russia's primary economic resource and the low prices have led to economic hardship. While they were previously struggling with Iranian cooperation, a potential agreement earlier this week led oil prices to rise by 7%.