Ministers from the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC partners like Russia descend on Vienna this week with the idea of taming an oil market whipsawed by extreme volatility. But any notion that the cartel can successfully “manage” the market should be put to rest.
There are too many factors in play that preclude a straightforward supply cut from balancing global oil markets with a quick deal, even though OPEC kingpin Saudi Arabia and Russia have already agreed to extend their cooperative supply management efforts into 2019.
