OPEC and non-OPEC oil ministers are planning to meet in March – Russian oil minister

Russian oil minister was on the wires stating the OPEC and non-OPEC oil ministers are planning to meet in March and said he will attend the same if the meeting takes place.

Key Quotes

Currently unclear whether freeze agreement is only verbal or to be signed

Will likely meet with Iranian oil minister in March

Oil output freeze should last a minimum of 1 year

Oil market will balance quicker if Russia and other countries do not increase output