NEWSWATCH: “Russia Thinks It Has Solved the Oil-Price Crisis; But it may just be more wishful thinking” – Fortune.com
The world’s major oil exporting economies have been putting together an agreement to freeze oil production levels, and Russia’s energy minister is optimistic that it will be effective in finally stopping the slide in oil prices …. * * * The news seemed to buoy the oil market…. But there’s plenty of reason to doubt that the action will bring any sort of lasting rally … global production may still continue to rise, with the lifting of economic sanctions against Iran …. this agreement is still tentative, and only requires participants to keep production at current levels … all-time highs in the cases of Russia and the United Arab Emirates.