OPEC and Russia deal to freeze oil production could be meaningless, says International Energy Agency

A deal between oil producers to freeze output would be meaningless, an IEA executive has said. (iStock)

A deal between Russia and the Organisation of Petroleum Exporting Countries (OPEC) to freeze oil production could be "meaningless", as Saudi Arabia is the only country capable of increasing output, a senior International Energy Agency (IEA) executive said.

On 16 February, Saudi Arabia, Russia – the world's two largest crude producers – Venezuela and Qatar reached an agreement to freeze production at January levels, while Qatar has invited OPEC members and major non-OPEC producers to Doha in April to continue negotiations over extending the deal.

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