16 February 2016
History not on the side of any Opec-Russia deal
Why Saudi Arabia can’t really trust the Kremlin to cut supply
History is not on the side of any potential cooperation between Russia and Opec to coordinate a cut in global oil output. Crude prices jumped in late January after Russian energy minister Alexander Novak said Opec had proposed a joint 5% cut in oil production. But rumours of any deal were soon scuppered after Saudi Arabia, the group’s lynchpin, denied the claim. Russia’s track record on adhering to agreements with Opec to cut production suggests the Kremlin isn’t an entirely reliable partner. On prior occasions when Russia said it would consider cooperation with Opec the oil kept flowing – and sometimes even increased. Oil companies shifted their cargoes from the pipeline system to the railw
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