- Top oil officials from Russia, Saudi Arabia and several key OPEC members have agreed to freeze crude output at January levels at a meeting in the Qatari capital of Doha, targeting a supply glut that's sent prices to 13-year-lows.
- According to the International Energy Agency, Saudi Arabia produced 10.2M bpd last month, below its most recent peak of 10.5M bpd set in June 2015. Russia produced nearly 10.9M bpd in January, a post-Soviet record.
- Oil soared almost 6% ahead of the meeting - on expectations of a more weighty announcement - but pared gains following the news. Crude futures +1% to $29.72/bbl.
- Previously: Oil surges ahead of Russia-Saudi meeting (Feb. 16 2016)
- ETFs: USO, OIL, UCO, UWTI, SCO, BNO, DWTI, DBO, DTO, USL, DNO, OLO, SZO, OLEM