Arab News – “Saudi, Russian, Qatari and Venezuelan oil ministers announced the proposal after a previously undisclosed meeting in Doha — their highest-level discussion in months on joint action to tackle a growing oversupply of crude and help prices recover from their lowest levels in more than a decade.”
Venezuela hopes to cut as much global production as possible. Contrasted to Norway’s stable oil-based socialism, Venezuela’s economic policies have eventually led to triple digit inflation, a huge black market, and food shortages and calls to nationalize food producers. Bolivarians acknowledge these problems but still hope to see their revolution’s goals pursued in the long run.
Saudi and Qatar have been cautious about committing to limits since several OPEC members were burned by other members not honoring previous agreements. Countries that have failed to leverage their natural resources into a more robust domestic economy will continue to suffer periodic shocks and even crashes as global energy markets and geopolitics collide.
Russia just desperately needs friends.
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