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The OPEC-Russia exit plan starts emerging

Alexander Novak
Russian Energy Minister Alexander Novak. Photo: Mikhail Metzel/TASS via Getty Images

It's happening. Per Reuters, "Russian Energy Minister Alexander Novak has had talks with Saudi Energy Minister Khalid al-Falih on an easing of the terms of the global oil supply pact that has been in place for 17 months, Novak said on Friday."

Why it matters: The comments signal how a swirl of forces — notably Venezuela's collapsing production and the revived U.S. sanctions against Iran — are prompting Russia and OPEC to weigh changes in their output-limiting agreement.