Russia and OPEC aim to draft agreement on long-term alliance - report

Reuters report, citing the UAE energy minister

• Oil producers led by Russia and Saudi Arabia aim to draft an agreement on a long-term alliance by the end of 2018

There wasn't much in the way of a production curb in the OPEC/non-OPEC agreement. Most of the curbs were natural but they certainly shifted the psychology of the market so the leaders of the pact must feel like geniuses. But with the US producing more and more, it's tough to envision a repeat performance.

The report also says that OPEC is urging members to build oil capacity buffers to temper any wild price upswings in oil due to a weak dollar.