Big producers can only play at freezing production while Iran keeps oil flowing
Imagine for a moment that the US, EU and India announced that they were willing to freeze carbon emissions at their current level on the condition China did the same. Would anybody believe that this was a serious attempt to tackle global warming?
Unlikely, in all honesty, yet the financial markets seemed to get awfully excited on Tuesday about talks between Saudi Arabia and Russia that would limit oil output at its January level provided Iran and Iraq agree to do the same.