Uncertainty Over Production Freeze Pressures Crude Oil

The market weakened after doubts were raised about the potential production freeze and its impact on the supply glut. Saudi Arabia and Russia are behind the move to freeze production

at January levels, but only if other major producers participate.

Traders believe that a production freeze will only prolong the oversupply situation since the market is already over supplied by nearly a million barrels per day. Most believe that without

concrete actions to cut production, prices are likely to trend sideways or lower over the near-term. Rumors are also out there that Iran is not likely to agree to the production freeze.

OPEC Secretary-General Abdullah al-Badri also said that the days when the producer group was responsible for cutting output alone are over. This puts the blame squarely on the shoulders of U.S. producers.

YESTEREDAY API INVENTORY REPORT: Latest Release Feb 23, 2016        Actual      7.100M      Forecast    3.000M    Previous   -3.300M,      EIA REPORT IS DUE FOR THE DAY.

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