OPEC hopes to include Russia in its pact to cut oil production

Scott Tong Dec 9, 2016
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Russian Energy Minister Alexander Novak, and various members of the Organization of Petroleum Exporting Countries (OPEC) attend a press conference during the 23rd World Energy Congress on October 12, 2016 in Istanbul. OZAN KOSE/AFP/Getty Images

OPEC hopes to include Russia in its pact to cut oil production

Scott Tong Dec 9, 2016
Russian Energy Minister Alexander Novak, and various members of the Organization of Petroleum Exporting Countries (OPEC) attend a press conference during the 23rd World Energy Congress on October 12, 2016 in Istanbul. OZAN KOSE/AFP/Getty Images
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Saturday the world’s oil market will focus on Vienna. OPEC has already agreed on a joint supply cut, to push up prices. This next meeting is bring non-OPEC producers into the deal, including the world’s largest producer right now — Russia. The meeting will amount to a very public pledge to not drill, but OPEC would do well to trust but verify. Because there’s a very relevant history of energy market cheating.

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