Instead of agreeing to cut production, Russia, Saudi Arabia, together with Qatar and Venezuela agreed to freeze of oil output at January's levels. This deal is, however, conditional to other producers joining in. The market was not thrilled by the deal with both benchmark contracts retreating from gains made previously. The market is disappointed as room for further production increase from current level is limited...
from Oil N' Gold Focus http://www.oilngold.com/ong-focus/insights/russia-and-opecs-deal-to-freeze-output-fails-to-stimulate-oil-2016021732351/
Russia and OPEC's Deal to Freeze Output Fails to Stimulate Oil
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