Russia, Saudi Arabia, Qatar and Venezuela are ready to freeze oil production at January's level if other producers do the same, Russian Energy Minister Alexander Novak tells the Interfax news agency.
The agreement came following a meeting in Doha, Qatari Energy Minister Mohammad bin Saleh al-Sada was quoted as saying Tuesday by broadcaster Al Arabiya.
Qatar and Venezuala would also be part of the agreement, which is meant to help prevent a further drop in oil prices. Oil prices have gone below 30 dollars a barrel in recent months, their lowest levels in years.
That fall in price has wreaked havoc on the budgets of many oil-producing countries, which rely greatly upon oil revenue for their national spending and had, as recently as two years ago, been enjoying prices of more than 100 dollars.