The Math Behind OPEC's Revised Production Cut Still Does Not Work
"Whatever it takes."
Saudi Energy Minister Khalid al-Falih and Russia's Energy Minister Alexander Novak
That's what Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak said in a statement overnight in Beijing they would do to reduce the global oil inventory overhang, using the immortal phrase coined by ECB's Mario Draghi five years ago in his successful bid to defend the euro. For OPEC, however, "whatever it takes" may not be enough.