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

Thursday, March 24, 2016
By Paul Martin

by Tyler Durden
ZeroHedge.com
03/24/2016

Russia will export more oil to Europe in April than it has in any month since 2013 – despite Moscow’s plan to sign a global agreement on freezing production in a bid to lift the price of crude. Asked what would be covered by the agreement, Russian Energy Minister Alexander Novak told reporters: “The discussion is only about freezing production. And not exports.” In other words, the global supply glut is about to get even worse thanks to the likes of Russia, which is about to unleash an additional 2.4 million tonnes of ooil exports onto a world which is already drowning in excess oil.

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