Oil prices fell yesterday despite Saudi Arabia and Russia agreeing to freeze oil output at January levels if other producers follow suit. The announcement came after ministers from the two nations met in Doha along with their counterparts from Venezuela and Qatar. Brent crude, which had risen more than 5 per cent earlier, finished down 3.2 per cent at 32.33 dollars a barrel while US crude was down 2 percent at 29.14 dollars. Oil prices have sunk from their recent peak of about 116 dollars in June 2014.Shortly after yesterday's announcement, in an effort to stabilise prices, Venezuela's Oil Minister, Eulogio Del Pino said he would travel to Tehran to meet ministers from Iraq and Iran today. But Iran's Petroleum Minister, Bijan Zangeneh, said that the country would not forego its oil market share.