OPEC countries and Russian tentatively agreed for a oil production freeze. This plan can be successful even if Iran does not agree to it. In the middle of this month there is meeting planned for the parties to support this deal. The Aim is to stabilize the oil price around $50-$60 per barrel, but not much more. Currently, the supply is over the demand with about 1 million barrels per days and the excess production is stored rather than being used. Ecuador and Mexico will also enter the agreement, with expectation that Iran and Iraq will not.
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