Saudi Arabia, Russia, Venezuela and Qatar are set to freeze oil production levels, but that won’t be enough to lift the bruised commodity, according to one analyst. ‘The agreement itself is not going to do very much – certainly not in the long-term,’ said Spencer Welch, an oil analyst at IHS, based in London. ‘The market is already oversupplied, so those countries are just carrying on supply at their current rate.’ The aforementioned producers are set to maintain January’s production levels, a move that opens the door to production cuts, which could boost prices substantially, experts say. But Welch doesn’t think production cuts are likely. TheStreet’s Scott Gamm has details from Wall Street.
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