The world’s two biggest producers along with Venezuela and Qatar struck a tentative deal last month to cap production at January levels to stem a glut in supply that has seen prices tumble almost 70 percent in two years to below $35 a barrel. With a freeze, prices could recover in the second half to $40 to $50 a barrel, “but with a lot of volatility there,” Yergin told the Global Financial Markets Forum in Abu Dhabi Thursday.

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