The failure of the world’s largest crude exporters resulted to an arrangements on freezing oil output at January’s levels. For Russia and Saudi Arabia with the production on record levels, it would have best to make an agreement.
As an alternative, Saudi Arabia asserted that it would not put away production without the collaboration of Iran. Now, the problem is, Iran has no interest in cooperating along. This resulted the Organization of the Petroleum Exporting Countries and accompanying hangers-on looking restless and dysfunctional with high hopes of the best action to support oil prices.
One can argue that this is a mess. The oil market can look ahead of time to growing output from Iran, the coming back of momentarily disrupted production in places such as Iraq and Nigeria, as well as a strong possibility to supply from wild cards like Libya.