Iran’s daily crude oil production is not far where it was several years ago, its pre-sanction level of output. Although rising production should only hurt the global oil price, it may have the opposite effect. Iran has marked that occasion as the point it would consider freezing production and help Saudi Arabia stabilise the oil price, something Russia said it would help do but without affecting production levels. It is becoming well known the number of projects, equaling some $20bn, Saudi Arabia itself is having to cut due to the low price. Several weeks ago, the idea of freezing production seemed ludicrous and still does but it still could happen. The moment Iran’s production hits previous sanction levels, which could happen early next year, the hope of oil prices stabilising in the mid-50s behind cooperation between producing nations will finally either be realised or discarded.