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

1. Introduction Oil prices have declined significantly since the middle of 2014, causing significant concern among major oil exporters, among the Russia and the countries of the Gulf Cooperation Council (GCC; Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE). There have been significant calls for cooperation between the GCC states, other OPEC members, and Russia, with the goal of stabilizing oil prices. Whether or not a substantive agreement emerges remains to be seen. One of the ...