| Analysts at ANZ noted that, overnight, Saudi Arabia and Russia reached a preliminary agreement to freeze their oil output at near-record levels. "This is described by Bloomberg as “the first significant cooperation between OPEC and non-OPEC producers in 15 years”."
"Qatar and Venezuela are also on board. No cuts in production were agreed, however, given oil producers are battling for long-term market share, which weakens the impact of the agreement significantly, as does the lack of involvement by Iraq and Iran."..............................................Full Article: Source
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