Following a meeting Tuesday in Doha, Saudi Arabian, Venezuelan, Qatari and Russian oil ministers reached a deal to freeze production at current levels only if other producers, principally Iran and Iraq, agreed to do so.These "current levels" are near record-highs (Saudi: ~10.2 M/bpd; Russia: ~10.9 M/bpd). Maintaining production at near full-capacity if "others join in" is the "coordinated action" that has occurred this morning. Qatar's energy minister Mohammed bin Saleh al-Sada said the deal would help "stabilize the market."

http://oilpro.com/post/22374/biggest-non-event-so-far-2016-has-occurred?utm_source=DailyNewsletter&utm_medium=email&utm_campaign=newsletter&utm_term=2016-02-16&utm_content=Feature_1_txt

It will be interesting when the world storage capacity for oil is 100% utilised, and that's predicted for this year. The shit and the fan will rule the world's economy when that happens.

All the oil shorters will be over the moon.