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

... the US’ self-imposed export ban has been lifted . Second, the more elastic market supply, the less profitable are output cuts. OPEC and Russia REUTERS/Faisal Al Nasser Yuri Barmin: A Clash of Titans: Saudi-Iran Diplomatic Dispute Prior to the shale oil revolution, Russia was the only top oil producer outside OPEC. In principle, this gave OPEC leeway to act unilaterally, or to have to coordinate with only one country (Russia) if it wanted to make sure that non-OPEC producers were not undermining OPEC output cuts. Today, Saudi Arabia is the only top producer ...