Between now and OPEC's next meeting in May, much more must be done in order to make sure the cuts are fairly distributed, slackers come around, and non-OPEC members stick to the deal.
The biggest questions at CERAWeek this year is whether OPEC and its non-OPEC counterparts will recommit to throttling back in May and whether U.S. shale can fully offset these cuts and push down prices.
Despite baggage old and new, the Saudis and the greater GCC are ready and willing to do business with Russia even if their visions for the Middle East don’t align.
The group has been adamant about putting together a united front to show that it will follow through with production cuts and counter critics who doubt its willingness or capability to do so.
The OPEC commission would examine whether the cartel’s behavior is designed to disadvantage U.S. oil producers and secure market power through anti-competitive behavior.
On Wednesday, look for signs of a credible deal in the form of clear individual country quotas, but real proof that countries are following through with their commitments will take weeks or months to materialize in the export data.
Hillary Clinton articulated her philosophy on energy security in comments she made as Secretary of State. They could serve as a guide to her priorities if she wins the presidency.
Russia has the means and determination to hold onto its gas market in Europe, but in doing so, will be forced to give up much of its leverage over pricing and the way contracts are written.
The best way to put our energy future in our own hands is to utilize free market principles and inject serious fuel competition in the transportation mix.
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.