IEA says Opec, Russia output freeze deal may be meaningless as oil up 50% in two months | The National

IEA says Opec, Russia output freeze deal may be meaningless as oil up 50% in two months | The National:

"A deal among some Opec producers and Russia to freeze production is perhaps “meaningless" as Saudi Arabia is the only country with the ability to increase output, a senior executive from the International Energy Agency (IEA) said on Wednesday.

Brent crude futures are up more than 50 per cent from a 12-year low near $27 a barrel hit early this year, bouncing back after Russia and Opec’s Saudi Arabia, Venezuela and Qatar struck an agreement last month to keep output at January levels.

Qatar has invited all 13 members of Opec and major non-Opec producers to Doha on April 17 for another round of talks to widen the production freeze deal."



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