Cairo – Mubasher: The outcome of Doha agreement fell below markets’ expectations, according to a report issued by ICM Capital.
Yesterday, Qatar, KSA, Russia, and Venezuela made a deal by which oil production will be stalled at January’s level, pending major oil producers’ final decision.
This result was seen “disappointing” and ineffective in a flexibility-lacking oil markets, unlike Iran’s market that powerfully made use of sanction relief by increasing its oil production, the report said.
“Oil markets are, If this agreement is reneged, likely to suffer waves of fluctuations, although KSA and Russia, the top two oil producers, are capable of moving the market”, the report added.
