Will freezing oil production help the market?
Oil prices have been decreasing for some time now, which has led to a disruption of the market. Now top oil exporters, Russia and Saudi Arabia, have come up with a proposal to freeze oil production.
From Reuters:
The Saudi, Russian, Qatari and Venezuelan oil ministers announced the proposal after a previously undisclosed meeting in Doha. It could become the first joint OPEC and non-OPEC deal in 15 years, aimed at tackling a growing oversupply of crude and helping prices recover from their lowest in over a decade.
The reason we agreed to a potential freeze of production is simple: it is the beginning of a process which we will assess in the NEXT few months and decide if we need other steps to stabilize and improve the market
Do you guys think it'll help the market stabilize? Or does something else need to be done?
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