The agreement between Saudi Arabia and Russia to freeze production will have “little impact on the oil market as proposed, while there remains high uncertainty that it even materializes,” analysts including Jeffrey Currie said in a note e-mailed Wednesday.
While Saudi Arabia and Russia, the world’s biggest crude oil producers, joined Venezuela and Qatar in an agreement Tuesday to cap output, the success of the deal will depend on Iran, Iraq and other large exporters taking part, with the participation of Iran “unlikely,” according to Goldman.
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