Russia Completes Its OPEC Takeover With Deal With Saudis
- Putin preempts Vienna meeting by announcing accord with Saudis
- Rollover may stretch into 2020, but later meeting will decide
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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.