OPEC, Russia oil output freeze meaningless: IEA
The International Energy Agency (IEA) on Wednesday said the agreement between Russia and OPEC's Saudi Arabia, Venezuela and Qatar last month to keep output at January levels is "meaningless". Saudi is the only country with the ability to increase output, it added. Presently, crude prices are up 50% from a 12-year low near $27 a barrel hit earlier this year.