Here's What Happened Last Time OPEC and Russia Did a Deal: ChartBy
When Saudi Arabian Oil Minister Ali al-Naimi lamented in February that OPEC didn’t trust non-members to join in production cuts, should they be agreed, he was speaking from experience. The last time the Organization of Petroleum Exporting Countries struck a deal with its rivals was in late 2001, when Russia, Mexico, Oman, Angola and Norway promised to cut supply by 500,000 barrels a day. Yet by the middle of the following year, the only production declines were in Mexico and Norway -- neither of whom have said they’ll attend this weekend’s talks in Doha on an output freeze.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.