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Oil Falls as Saudi, Russian Output Freeze Seen Leaving Glut

  • Venezuela, Qatar join in fixing production at January level
  • Accord depends on cooperation of other producers: Qatar
Bloomberg business news

Russia, Saudi Arabia Freeze Oil Production: What’s Next?

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Oil dropped on speculation that a pledge by Saudi Arabia and Russia to freeze production at January levels won’t succeed in tackling the global oil surplus.

Crude fell 1.4 percent in New York. The agreement depends on other producers following suit, Qatar’s Energy Minister Mohammed bin Saleh al-Sada said in Doha Tuesday. The pact won’t be meaningful unless Iran and Iraq, which have been raising output, cooperate, Commerzbank AG said. Saudi Arabia’s Ali al-Naimi said the freeze could be followed by other steps to improve the market.