Bloomberg reported that the International Energy Agency said that talks about a possible production freeze between crude-exporting nations is having less of an effect on rising oil prices that declines in U.S. shale output.

Bloomberg noted that, according to Fatih Birol, the IEA’s executive director, an agreement would not have any major implications in the first half of 2016.

Oil prices have boosted to just under $40 a barrel in New York since February 16, Bloomberg said.