An agreement among Opec and non-Opec producers to co-ordinate production strategies proved elusive for decades and was only reached after the 2014 oil price plunge decimated governments’ revenues and spurred high-level diplo- matic initiatives by Saudi crown prince Mohammad bin Salman and Russian president Vladimir Putin. The two announced their unprecedented, and unlikely, partnership at the G20 meeting in Beijing in September 2016. The historic agreement signed by Opec and non-Opec producers that year called for mem- bers to collectively implement production cuts aimed at rebalancing oversup- plied markets and supporting higher prices. The success of the agreement, and hence stronger oil revenues, has hinged critically on the frm Saudi and Russian leadership of the Opec and non-Opec participants.
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