For years, the Organization of Petroleum Exporting Countries (OPEC) has courted Russia, though without much success. It's easy to see why the attraction is there; the world's largest country has huge oil reserves and the geopolitical clout to boost the cartel's "muscle" by about a third.
But this past weekend, Russian Energy Minister Alexander Novak announced that Moscow is ready to meet with both OPEC and other oil producers to address the low price of oil.
This is an important development. It means that for the first time in nearly 11 months, geopolitics is likely to give support to higher crude - meaning oil prices get a new push.