For the first time in 15 years, the Organization of Petroleum Exporting Countries has sealed a global petroleum-cuts deal that includes non-members such as Russia. Can the parties to the deal stick to their pledge? Members have broken quota agreements before, while previous deals with Russia have mostly come to nothing. The fruits of this cut — the immediate rally in oil prices — might last only a few months. It’s still far from clear how long the cooperative spirit will last. 1. Why cut production? To drain record global oil inventories caused, in part, by OPEC’s policy of unfettered production. Saudi Arabia, the group’s de facto leader, opened the floodgates in 2014 when it decided that protecting its market share was more important than price stability. This time around, to prove to Russia and other non-OPEC countries it meant business, Saudi Arabia signaled deeper cuts were possible if […]