Saudis to Russians, “do you want to cut production further”?
Saudis, “let’s adjourn this meeting”.
The power dynamic of the Western Cartel over the Oil Cartel is telling that production as it was set in October. None of the oil cartel members felt cutting production would help the price of oil. The Western Cartel can dictate the price of oil regardless of the production level.
The Western Cartel is also manipulative in that the Russians can not afford to cut their production further. The SA are not interested in cutting production as prices slide because their market share would suffer the most then. Yet prices will continue to slide.