Oil Falls as Iranian Minister Calls Freeze Proposal ‘Ridiculous’
Oil tumbled after the Iranian Oil Minister said that an agreement by Saudi Arabia and Russia last week for oil producers to freeze output was “ridiculous.”….
“U.S. shale output is going to decline,” said Sarah Emerson, managing director of ESAI Energy Inc., a consulting company in Wakefield, Massachusetts. “Everyone seems to think it will happen tomorrow, but it takes time. It has already started and later this year production will be considerably lower.”