What Oil Production Freeze: Russia Just Revealed The Laughable Loophole In The OPEC “Agreement”

The main catalyst that pushed the price of oil from a 13 year low in early February, when crude briefly traded in the mid-$20 to well over 50% higher less than one month later in one of the world’s most furious short squeezes, was the recurring infatuation with the fabricated narrative that OPEC would if not cut production then, then at least freeze it.
We mocked this, as recently as one month ago, when we wrote “About That “Oil Freeze”: Russian Crude Production Sets New Post-Soviet Record In February” an article which was self-explanatory:

This post was published at Zero Hedge on 03/24/2016.

 

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