| After a year of secret diplomacy and hushed-up talks around the world, Opec’s Saudi Arabia and rival Venezuela were persuaded to cut a deal by non-Opec Mexico that eased the acrimony and led to a much-needed rise in oil prices.
It was 1998, trust had long broken down within Opec and it took outside mediation as a last resort to stop the squabbling to clinch deals at secret meetings in Riyadh, Madrid and Miami. Now, with oil prices touching their lowest level since 2003, Opec officials and deal-brokers are looking back nearly two decades and asking whether a behind-the-scenes deal to curb oil output between Opec and non-Opec Russia could be struck...............................................Full Article: Source
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