OPEC Announces Plans To Cut Production With This Caveat $UWTI $DWTI $USO $XLE $CL_F

“OPEC officials, Saudi officials have been saying since November they’ve been reaching out to the Russians to see if they could get a coordinated cut,” she told CNBC’s “Squawk on the Street” in an interview Tuesday. “Thus far Russia has turned them down, so I’m looking to whether there is any change in Moscow to whether there is going to be a change in OPEC’s position.”

Nonetheless, it wouldn’t be the first time OPEC has coordinated production moves with a non-member country, and with Russia becoming China’s largest oil supplier earlier this year a coordinated cut with OPEC could have huge price ramifications.

For Saudi Arabia, which has long-experienced the pain of low oil prices, cutting production would be more palatable if the country could avoid losing market share to Russia, Croft said.

“The Saudis are basically saying we’re not going to do this alone—Russia, you better join us because you’re not going to eat our market share if we cut alone,” she said.

Originally Aired: Tuesday, 1 Sep 2015 | 12:15 PM ET
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