IEA: output freeze deal “meaningless”
In February, some OPEC members and Russia had agreed to freeze output at January levels. However, Iran was reluctant to join an output freeze as the country is determined to raise their oil production to pre-sanction levels while Libya is also said to be hesitant about limiting output. The IEA reported that both Libya and Iran are among the other members that have room to raise their oil production and their absence would limit the impact of any successful deal on oil prices.
The agency also said that they expect oil prices to stand in the mid-$30s this year and the supply-demand gap in global oil markets will narrow later this year, which signals a recovery in oil prices in 2017.
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