Saudi Arabia and Russia Agree to Freeze Oil Output Saudi Arabia and Russia, the world’s two largest crude producers, agreed to freeze output after talks in Qatar.
. "Speaking at a news conference following a closed-door meeting in the Qatari capital, Saudi Arabian Oil Minister Ali al-Naimi said that freezing oil producers' output will be sufficient to improve the oil market.
"Freezing now at the January level is adequate for the market, we believe," he said. "We recognise today the supply is going down because of current prices. We also recognise that demand is on the rise.
"The reason we agree to a potential freeze of production is simply, it is the beginning of a process which we will assess in the next few months and decide if we need other steps to stabilise and improve the market," Naimi said.
"This is very important, we don't want significant gyrations in prices, we want to meet demand. We want a stable oil price," he added."
there is no hope for oil counter in nearest future, oil price will go down much deeper n will not stabilize... dont play oil theme, its not bottom yet... DISPOSE ALL
the problem is although they agree to freeze output level at January 2016, the brent crude production is at record high on January 2016, supply also much more than demand ! In addition, all the main consumer & producer had run out of storage ! Rate = Sell !
In addition, both of them agree to cut the production but saudi, Iran & russia wouldn't have discipline on it, as when they cut the production, they will lose market share and US shale will pump more oil !
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Old90
686 posts
Posted by Old90 > 2016-02-16 16:26 | Report Abuse
Going to break through above 0.300 soon.