Oil Markets Show Deep Doubt over Supply Freeze

Three OPEC members - Venezuela, Qatar and Saudi Arabia along with Russia have decided to stagnate their total output of oil at January levels in an effort to raise the prices of oil, which have been at an all-time low.
The trouble is that the oil market is oligopolistic and for something like this to work, it needs to have the consent of all major suppliers (in this case, countries) in the market.

Another problem is that the US markets are in less need of oil, because a significant portion of interior USA consumes domestic oil and the US demand for oil in the world market has decreased.

It seems highly unlikely that the world oil price will significantly increase in the near future and what this means for the world economy is that a lot of countries like Russia, Venezuela and potentially all of OPEC will take large economic hits leading to possible recession, high fiscal deficits and higher rates of unemployment. The affects of these will likely be felt in other parts of the world including the United States.

http://uk.reuters.com/article/uk-oil-markets-opec-idUKKCN0VQ1VH