THANKS, FRACKERS! Oil Slips Toward $47 as Hopes for Producer Action Fade.

The Organization of the Petroleum Exporting Countries and non-OPEC producers such as Russia will hold informal talks in Algeria on Sept. 26-28. Others in the market are skeptical a deal will happen.

“The two nations’ cooperation is understandable,” said Kaname Gokon, a strategist with Okato Shoji Co Ltd.

“But when oil output is reduced, other producers would receive the benefit. There is still a question whether they can cut production for a sustainable period.”

Iran, which is raising exports after the lifting of Western sanctions in January, refused to participate in the earlier effort to freeze output. Saudi Arabia insisted all producers take part, prompting the collapse of the talks.

There’s really nothing quite so satisfying as watching Iran, Russia, and Saudi Arabia fight over a shrinking pie.