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Venezuela proposed oil production freeze, Saudi wants Iran to join-in

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    As per Reuters report, Venezuela proposed oil production freeze at the current levels for both OPEC and non-OPEC producers during the meeting with Saudi Arabia over the last weekend.

    If reports are to be believed, Saudi warmed to the idea but wants to Iran join-in; something that Iran is unlikely to do since it intends to capture the market share it lost during the three year period when western powers had imposed sanctions.
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