Last autumn, the world’s two largest oil producers united during an Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC meeting in Algiers, where they publicly declared their commitment to cut output and support prices.
Last month, they came together again and agreed to roll over their self-declared historic deal to take 1.8 million barrels off the market through the first quarter of 2018. That agreement was reinforced this week with a high-profile meeting between Russia’s President Vladimir Putin and Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman.
The bilateral show of force however, with 22 other countries in tow, masks what …read more
Source: The Bangladesh Today
