IEA Says Oil-Freeze Talks Aren't Having Major Impact on Prices
- Decline in U.S. shale production is key to restoring balance
- Birol says curbs in U.S. mean more `than gossip in corridors'
Here's Why This Is Only the Fourth Time Oil Has Tanked
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Declines in U.S. shale output are contributing more to the rise in oil prices than talks between major crude-exporting nations on a potential production freeze, the head of the International Energy Agency said.
“Even if there was an agreement on the freeze or similar, it would be unexpected that it would have major implications, at least in the first half of 2016,” IEA Executive Director Fatih Birol said in an interview with Bloomberg Television in Berlin Thursday. Recent talks “didn’t have a major impact on prices.”