“The freeze is the beginning of a process,” Naimi told the IHS Ceraweek conference in Houston on Tuesday.
Under that deal, Saudi Arabia, Russia, Venezuela and Qatar pledged to hold their output flat at January levels and Naimi believes others will join in the next three to four months.
“Most of the countries that count will freeze,” he said, while tacitly acknowledging that the proposal was not well-received by fellow Middle East oil producers Iran and Iraq.
Naimi
