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Defying skepticism that their countries could agree on any measures to stabilize global crude markets and prices, Saudi Petroleum and Natural Resource Minister Ali al-Naimi and Russian Energy Minister Novak, along with their Venezuelan and Qatari colleagues, reached agreement February 16 In Doha to freeze their countries’ output at their January 2016 levels.
Initially, global crude markets responded positively to the news with WTI pushing past $30 and Brent $34. Soon, however, the markets’ focus turned to the agreement’s limitations: neither Iraq nor …read more
Source: Time
