Courtesy of EconMatters
Saudi Arabia really should negotiate a Production Freeze agreement where Iran can get back to producing 4 Million Barrels per day.
Russia and Saudi Arabia both need to start cutting Oil Production and not just freezing oil production at all time production highs. They should be following what the Shale Industry is doing with regard to production cuts in the United States. It is unreasonable to expect Iran after 20 years of sanctions not to be able to ramp up some production as Saudi Arabia (A fellow OPEC Member) has gained much oil market share at Iran`s expense over the last 20 plus years of international sanctions.
