December 28, 2018

The marriage between Russia and OPEC is off.

Russian Energy Minister Alexander Novak on Friday poured cold water on long-simmering plans to make Moscow's alliance with OPEC and other oil producers permanent. The group of roughly two dozen producers has been managing global petroleum supply for the last two years in order to rebalance the market after a prolonged and punishing oil price downturn.

The effort succeeded in shrinking global crude stockpiles and boosting prices to four-year highs — until the market suddenly crashed again in early October. The group has agreed to a fresh round of output cuts that begin Jan. 1.

Read more:

https://www.cnbc.com/2018/12/28/russia-dashes-plans-to-make-its-oil-alliance-with-opec-permanent.html