General Discussion

It doesn’t work well now because the US produces so much oil. Member countries cheat on their quotas because they are largerly dependent on oil for their country revenue. Previous cuts in OPEC production have also been covered by the US. Russia is an OPEC ally, so they go along with opec to drive pricing only until they see it isn’t working.

It will be interesting to see, but Venezuela cannot be held to its current production levels. The infrastructure is in disrepair and production very low, but with investment from US oil companies that were previously nationalized, should be able to grow exponentially. Russia relying on oil and Saudi will not want to reduce their own production by the offset to maintain oil pricing. This could really lower the cost of oil but will likely be a few years out.