Face it, Opec - Russia is no longer your friend

Shaky stance: An employee inspects a well head at the Yarakta Oil Field in Irkutsk Region. Russia’s commitment to output cuts has always seemed shaky, particularly since prices have recovered from the 2016 lows that triggered this whole Opec process. — Reuters

HAS Opec reached the point where the benefit of bringing in outsiders to achieve its goals is outweighed by the difficulty of managing the expanded group? It certainly seems so.

Six months ago, the group couldn’t reach a deal on production levels without help from Russia. Now it can’t even agree on the date of a meeting, and Russia seems to be the problem. So much for any hope members might have of putting a floor under oil prices.