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Russia, and before that Soviet Union, has never been part of OPEC
by pi-e-sigma 3y ago
Russia, and before that Soviet Union, has never been part of OPEC
- eszed 3y agoThat's what he meant by "Russia... [doesn't] play ball."
- reducesuffering 3y agoWhile Russia hasn't been a part of OPEC, so wouldn't be the cause of OPEC only now failing to maintain a cartel, it's important context to know that Russia and OPEC frequently collude on oil price manipulation together via OPEC+. For example, last month: "Oil prices edged higher on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year." https://www.reuters.com/markets/commodities/oil-nudges-higher-after-saudi-arabia-russia-stick-output-cuts-2023-11-06/ https://www.reuters.com/markets/commodities/oil-nudges-highe...