Room for cynicism and hope in Russia’s deal with OPEC
Although relations between Russia and Saudi Arabia have improved since the debacle in Doha in April 2016, it is clear that both sides will be watching each other carefully over the next few months. The fact that both have made their own implementation of a production cut dependent on the performance of the other suggests that trust has not been fully restored. Indeed, both sides have reason to be cautious. OPEC’s record of compliance with quotas is weak, and Russia also has a poor record of fulfilling any promises to cooperate with OPEC. ….