But it may just be more wishful thinking The world’s major oil exporting economies have been putting together an agreement to freeze oil production levels, and Russia’s energy minister is optimistic that it will be effective in finally stopping the slide in oil prices that has brought the price of oil down roughly 75% since the summer of 2014. That’s according to a report in the Wall Street Journal , which states that oil exporters have gotten countries which produce 73% of the world’s oil to agree to not increase production from today’s historic highs. According to the report, Russia’s Energy Minister Alexander Novak would be “effective” even without the participation of Iran and Iraq. The news seemed to buoy the oil market, with Brent crude prices rising to a two-month high. But there’s plenty of reason to doubt that the action will bring any sort of lasting rally […]