Any deal is better than no deal for OPEC.
U.S. President Barack Obama travels to Saudi Arabia this week, where he will navigate a damaged relationship with an ally while trying to reorient American priorities in the region.
Even as the official talks in Doha collapsed, the discussion of a production freeze between OPEC and Russia helped raise oil prices sufficiently to eliminate the need for a formal agreement.
Security-related challenges have disrupted Iraq’s production in the short run, but fiscal pressure and political gridlock threaten to do lasting damage to Iraq’s ability to substantially ratchet up oil production in the years ahead.
The OPEC freeze deal is already having the intended impact, pushing prices up by 40 percent, while also helping to establish a foundation of trust among participating oil producing countries.
OPEC's Secretary General said that the "freeze" between certain OPEC and non-OPEC producers is helping to improve prices.