Oil output freeze could cut global supply glut in half

The global oil surplus could be cut in half if a new agreement by Saudi Arabia, Russia, Qatar and Venezuela to freeze output at January levels takes hold, according to a top Russian energy official. Via Reuters, the oil market is currently oversupplied by about 1.8 million barrels per day. The deal is contingent upon other countries joining in. Russian First Deputy Energy Minister Alexey Texler is optimistic about Iran participating, but less so about other countries such as the U.S., Brazil, Mexico and Norway.