Petrostates are unhappy, which may be all you need to know.

Economic growth is predictably sluggish for petrostates.

Petrostates around the world are panicking.

Cheap oil is taking its toll on the cartel’s net export revenues.

The collapse in crude prices cut OPEC’s oil export revenues nearly 50 percent in 2015.

But it’s hard to see Putin coming to some sort of agreement with OPEC when the cartel’s own members can’t trust one another enough to make any cuts of their own.

For now, Moscow has little choice but to ramp up production to try to offset bargain prices by selling more.

With lower breakeven prices and innovative new techniques, shale firms are better prepared to weather a price war than OPEC might hope. The cartel’s long-term outlook isn’t bright.