Saudi oil minister Khalid al-Falih assured anxious oil watchers that every participating country has already agreed to support continuing the production quotas—except for Russia. That's a very big exception! Instead of calming markets, this only exposes the extent to which OPEC has ceded power to Russia. The risk is that even if OPEC reaches an easy consensus on oil production, it will be meaningless if Russia refuses to participate. The Russian and Saudi oil ministers will likely meet on the sidelines of the G20 summit in Japan on June 28, and there are reports that Saudi Crown Prince Mohammed bin Salman will meet ... (full story)