Oil Production Cap Is ‘Publicity Stunt’ More Than Anything: Analyst

Talks of a production cap among top oil producers aren’t feasible when a record amount of oil is being pumped, according to one analyst. ‘This decision of [top oil producers] to freeze production is a publicity stunt more than anything,’ said Josh Mahoney, a market analyst with IG, based in London. ‘Even if we did see some type of a freeze, what’s to say everyone is going to stick to it?’ OPEC members are holding talks in Iran Wednesday to convince the nation to join a pact with Saudi Arabia, Russia, Venezuela and Qatar to limit production to January’s level. Though Iran is looking to bolster its oil output following newly-lifted sanctions stemming from its landmark nuclear deal with the United States. TheStreet’s Scott Gamm has details from Wall Street.