The Costa Rica-sized area is home to the world’s largest oil reserves and about half of Venezuela’s current production. Saudi Arabia’s agreement with Russia to cap oil production was a “brilliant communications strategy” which has supported prices, but it will probably remain just that, according to consultant JBC Energy GmbH. “The market is seeing some support coming in from OPEC and non-OPEC freezing output,” Johannes Benigni, managing director of JBC Energy, said in an interview in Singapore on Tuesday. “This has little to do with reality and I don’t believe for a moment that anyone is going to cut.” Oil has rebounded from a 12-year low in January as Saudi Arabia, Russia, Qatar and Venezuela forged a producer accord […]