As explored in earlier chapters, OPEC was unable to coordinate production quotas and increase prices throughout the 1990s, and the situation from 2014 seemed to echo this collective impasse. Earlier periods of collusion were short-lived, based on some production cuts that were undertaken, notably by Saudi Arabia. As noted, OPEC overwhelmingly controls the proven world’s reserves of oil, with nearly 80 % of reserves concentrated in Saudi Arabia, Iraq, Iran, and Venezuela. Over the years, countries like Saudi Arabia, Venezuela, Kuwait, and the UAE have amassed significant financial reserves, while some have seen their financial fortunes, notably Iraq and Iran, affected by either war or embargoes. Toward the end of 2014, all OPEC countries, including those who had amassed large financial surpluses in the past, faced the same questions: for how long could they cope with weak oil prices and what was their “break-even” oil price level to avoid deepening fiscal stress?