Finance & economics | Fissures

An unruly OPEC is causing problems for Russia and Saudi Arabia

The cartel is failing to drive up oil prices

 Oil production in Tatarstan, Russia
Photograph: IMAGO

The meeting in November of the Organisation of the Petroleum Exporting Countries and its partners (opec+) was meant to be a staid affair. Instead, the summit was first pushed back from the 26th and then moved online, revealing a fracas between the cartel’s big producers and its minnows. After acquiescing to lower output quotas at their previous meeting in June, opec+’s west African members were unhappy to learn that Russia and Saudi Arabia, the bloc’s de facto leaders, wanted to further curtail output. One oil minister, Diamantino Azevedo of Angola, planned to boycott the in-person meeting altogether.

Explore more

This article appeared in the Finance & economics section of the print edition under the headline “Fissures”

From the December 2nd 2023 edition

Discover stories from this section and more in the list of contents

Explore the edition

Discover more

illustration of a stern-faced man in a suit with a green tie, set against a bright green background. A small building with a flag is depicted in the pocket of his suit

The great-man theory of Wall Street

Why finance is still dominated by bold individuals

Hong Kong’s property slump may be terminal

Demographics and geopolitics will make a recovery harder


A float is inflated in preparation for the Macy's Thanksgiving Day Parade.

Why everyone wants to lend to weak companies

An unanticipated side-effect of Donald Trump’s election victory


American veterans now receive absurdly generous benefits

An enormous rise in disability payments may complicate debt-reduction efforts

Why Black Friday sales grow more annoying every year

Nobody is to blame. Everyone suffers

Trump wastes no time in reigniting trade wars

Canada and Mexico look likely to suffer