Russia Completes Its OPEC Takeover With Japan Deal: Oil Strategy - Bloomberg:
The trouble with bringing new people into your club, especially if they are bigger than you, is that they might just take over. OPEC is learning that lesson.
Three years ago, suffering a collapse in oil prices, OPEC sought outside help to cut oil supplies in order to drain excess inventories that had built up over the previous two years. It eventually succeeded in securing the help of a group of non-OPEC countries.
Most of them added little to this new OPEC+ club. The output cuts they offered were, in many cases, going to happen anyway, as a result of natural declines through a lack of investment or dwindling reserves.
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