OPEC Has a Trust Problem
Its club members don't have equal standing.
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One of the ironies of the proposed freeze in oil production by Saudi Arabia, Russia and others is that it is -- according to an OPEC delegate quoted by Argus on Tuesday -- aimed in part at building trust.
It's understandable that Saudi Arabia may not regard Russia as the most reliable partner when it comes to voluntary supply cuts. But mutual suspicion runs like a fissure within OPEC itself, and thus the cartel's long history of busted production quotas and internecine warfare.