Oil prices hit new lows in January, but the world’s biggest producers still can’t seem to agree on how to respond. Venezuelan Oil Minister Eulogio del Pino returned home empty-handed after concluding on Feb. 7 a week of visits to major oil-exporting countries. His aim was to organize an emergency meeting between OPEC members and non-OPEC states. The topic they would have discussed, had del Pino been successful, would have been how to coordinate a cut in global oil production. But his failure shows that a bloc of OPEC’s key Gulf members — namely Saudi Arabia, Kuwait, Qatar and the United Arab Emirates — is resisting the pleas of other producers to intervene in the market on their behalf.

Since November 2014, Saudi Arabia and its allies have made it clear that they prefer to let the market correct itself. In the meantime, they are not willing to unilaterally slash production without other important producers, including Russia, Iran and Iraq, agreeing to do so as well. Of course, pragmatic cooperation among the world’s oil exporters becomes more appealing as oil prices sink and financial crises deepen. However, a substantial production agreement — and one that is actually enforced — will probably remain elusive as geopolitical impediments and fundamental disputes among Saudi Arabia, its allies and other oil-producing countries persist. And with no cohesive bloc at its helm, the global oil market will be at the mercy of market forces, promising further price volatility and uncertainty.

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