Russia/Saudi Oil Bromance Is a Pairing of Convenience for OPEC - Bloomberg:
They got there in the end. After a fraught period when nobody could agree on when to meet, OPEC and its friends will gather on July 1-2 in Vienna. All 24 oil ministers will have to decide whether to renew their commitment to output cuts, which have have already run five times longer than originally intended.
OPEC’s three biggest members – Saudi Arabia, Iraq and the United Arab Emirates – are all willing to continue the policy of reduced production. But the big question is what Russia will do.
Though it has a lot of reason to back away from the deal, it will continue to pay lip service to the agreement. President Vladimir Putin’s wider ambitions to rebuild the country’s geopolitical role in the Middle East will outweigh objections from the boss of the country’s biggest oil company and any evidence that the cuts are undermining economic growth.
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