An economist at a Russian development bank said Tuesday any deal among major oil producers last weekend would’ve been moot because markets are flush with oil. Ministers from some members of the Organization of Petroleum Exporting Countries joined their non-member counterparts in Doha during the weekend to consider a measure to freeze production at January levels in order to stabilize crude oil prices. Oil prices are about 60 percent below recent historic peaks above $110 per barrel from 2014 because a weak global economic recovery hasn’t been able to take on the excess supply from OPEC and non-member states like Russia and the United States. Andrei Klepach, the chief economist at Russia’s VEB development bank, was quoted by Russia’s […]