For those who are not familiar with Mr. Novak, he is Russia's oil minister and his commentaries below are very important, since it came after oil executives' meeting with Russian president Vladimir Putin in Moscow.

According to Mr. Novak,

• Even if Iran doesn't follow suit, an agreement to freeze production between rests of the major oil producers could be effective.
   
• The countries that have expressed willingness or agreed to production freeze represent almost 75% of total oil exporting nations, contributing about 40-42 million barrels of crude per day.
   
• Russia believes there could be tailor made individual solution for Iran. "Iran today is in a rather special situation, in that Iran is currently at the very lowest point of their production, so in my opinion it may be possible to find an individual, separate solution for Iran." However Russia is Iran's close ally so its enthusiasm over Iran may not lead to others' following.
   
• Mr. Novak said that it is likely that a final agreement will appear in March, when OPEC and non-OPEC producers' meet.

Official OPEC meeting is scheduled for June, 2016. However, in mid-March OPEC and non OPEC producers will meet.

Brent, since last bottom showing some strength and is currently trading at $36.8/barrel, a level not seen since early January.