Russian and GCC Perspectives: OPEC, Russia, and falling oil prices

... (GCC) producers agreed to freeze production with Russia, giving oil prices a boost . (The attempt was shortly-lived as Iran quickly declared that it had no intention of freezing its output.) However, there remain several barriers to any OPEC-Russia or GCC-Russia cooperation on oil production. First, Russia is perceived to be untrustworthy. (Whether or not it is actually untrustworthy is of second-order importance—perceptions are what dictate decisions.) In terms of oil, Saudi Arabia has cited a 1999 episode where it ...