Saudi Arabia, Russia, Qatar and Venezuela said this morning that they wouldn’t increase crude-oil output above January’s levels as long as other major oil producers followed suit,
This doesn't mean much, since all these countries are already producing at capacity and the announcement further stated that Iran and Iraq must also halt production increases.
Not going to happen.
Iraq’s production is soaring to new record levels and Iran is trying to ramp up output now that western sanctions over its nuclear program have ended.
LOL, in essence this is a call by the Saudis, Russians, et al. for Iran and Iraq stop increasing production.