The UAE’s energy minister Suhail Al Mazrouei said that the oil price collapse will compel producers to freeze output and no early meeting can take place without such a move.  Saudi Arabia, Russia, Venezuela and Qatar have proposed that producers cap production at January levels to bolster prices. OPEC member Iran, which is ramping up output following the removal of sanctions in January, has said the plan is “ridiculous” and saddles it with “unrealistic demands.” Mazrouei said he hasn’t received an invitation for an early meeting and a summit won’t be necessary if producers don’t agree in advance to freeze output. That runs counter to Iran’s plans to increase volumes by 1 million barrels a day this year. Mazrouei further said that the idea of bringing a lot of production in a short period is not practical. (Bloomberg)