International Energy Agency executive says output freeze aims to build confidence in stabilising oil prices
A deal among some Opec producers and Russia to freeze production is perhaps “meaningless” as Saudi Arabia is the only country with the ability to increase output, according to a senior International Energy Agency (IEA) executive.
Brent crude futures are up more than 50% from a 12-year low near $27 a barrel hit early this year, bouncing back after Russia and Opec’s Saudi Arabia, Venezuela and Qatar struck an agreement last month to keep output at January levels.