Face it, OPEC. Russia Is No Longer Your Friend - Bloomberg:
Has OPEC reached the point where the benefit of bringing in outsiders to achieve its goals is outweighed by the difficulty of managing the expanded group? It certainly seems so.
Six months ago, the group couldn’t reach a deal on production levels without help from Russia. Now it can’t even agree on the date of a meeting, and Russia seems to be the problem. So much for any hope members might have of putting a floor under oil prices.
The rot really became evident in December. A deal to extend a policy of output restraint was reached only after Russian oil minister Alexander Novak took over an office at the heart of OPEC’s headquarters in Vienna and brokered a compromise that both Iran and Saudi Arabia would accept.
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