Saudi Arabia and Russia’s agreement to freeze oil output is “almost meaningless” without the participation of Iraq and Iran, said Michael Hiley, head of OTC energy trading at New York-based LPS Partners. Iraq’s crude output has risen by 970,000 barrels a day since January 2015, compared with 480,000 for Saudi Arabia, OPEC’s largest producer, according to data compiled by Bloomberg. Iran also has the potential to boost production quickly after a ban on its exports was lifted last month.
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