Liam Denning, Columnist

Russia's Oil Majors and the Problem With Privatizing OPEC

Cartel production cuts cause problems for Rosneft and Lukoil, a warning for Aramco.

May 30, 2017 at 11:00 AM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

1495828936_GettyImages-114269624 (1) — Photographer: DMITRY KOSTYUKOV/AFP/Getty Images

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Besides invention, necessity is the mother of bromance.

At least when it comes to oil, that is. The Russian and Saudi Arabian energy ministers were unusually chummy in Vienna last week, when OPEC, Russia and some other oil exporters agreed to continue their supply cuts for another nine months.