Oil production freeze clouded by conditions, history

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English, Oil, Power, Report, Review Articles, World

iconOEF REVIEW:Although countries saying they’ll freeze oil production account for 25% of global supply, conditions of their Feb. 16 agreement and history offer little reason to expect much change in an oversupplied market. Of four countries agreeing not to raise production beyond January levels, Saudi Arabia, Russia, Qatar, and Venezuela, only one has enough spare capacity to do so meaningfully. Saudi Arabia produced at an average rate of 10.19 million barrels a day in January, according to the International Energy Agency.

Reaction mixed to four producers’ oil freeze agreement

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English, markets, Oil, Power, prices, Review Articles, Saudi Arabia, World

iconOEF REVIEW:Ali al-Naimi, Saudi Arabia’s oil minister, called the agreement by the four producers “simply the beginning of a process to assess in the next few months and decide whether we need other steps to stabilize and improve the market.” Analysts noted, however, that the agreement still needs the cooperation of Iran and Iraq.