Some good news for Oil Field Baws: OPEC Colluding with Russia to Cap Production

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As prices have dropped ever lower, smaller oil producing nations on precarious financial ground have regularly pushed their bigger brethren to stop pumping at record levels and help calm the markets.

Now, even the giants are joining the chorus, with Saudi Arabia and Russia on Tuesday calling for a coordinated effort to freeze production.

The plan, which also included Venezuela and Qatar, is a tentative sign that major oil producers are ready to cooperate. And it indicates how deeply prices have fallen, as Russia and Saudi Arabia have previously resisted tempering production.

But whether the plan actually goes anywhere — or is just chatter meant to bolster prices — is an open debate. The four countries said they would proceed only if others commit.

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