Moscow

CONSULTATIONS on a preliminary deal between leading oil producers to freeze output should be concluded by March 1 after a group led by Russia and Saudi Arabia reached a common position last week in Doha, Russia's energy minister said.

In a television interview aired on Saturday, Alexander Novak also said that the agreement announced on Feb 16 was weighty enough. "Those countries which have openly supported this approach are producing around 75 per cent out of global (oil) export volumes. My point is that, in practice, this is enough to agree," Mr Novak told the Vesti on Saturday programme.