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Russia and Saudi Arabia Oil Freeze Agreement Meaningless unless Iraq and Iran Also Agree

Iraq's crude output at 970,000 barrels a day since January 2015

 Michael Hiley, head of OTC energy trading at LPS Partners says Russia and Saudi Arabia's agreement to freeze oil production is 'almost meaningless' if Iraq and Iran fail to come to an agreement as well. This is due largely to the fact that Iraq has almost double the amount of crude output at 970,000 barrels a day since January 2015 as opposed to Saudi Arabia's 480,000 barrels per day. Iran may also soon become a key player as sanctions were lifted on all exports from the country last month. 

 

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