The Rising Influence of Rising Affluence

[DewDiligence]

Skepticism abounds re Russia’s commitment to oil-output agreement (NYT):

https://www.nytimes.com/2017/05/28/world/europe/russia-oil-opec.html

…many Russian oil fields are in the far north, where wells are burrowed under permafrost and will freeze if production halts; the industry cannot easily cut output without permanently damaging its wells.

…The only recourse Saudi Arabia has if Russia fails to meet its current output reduction is to withdraw from the deal.

Which is tantamount to no recourse at all.