5 years ago
Saudi Arabia is allying with Russia to shore up oil prices as OPEC's power wanes
The Organization of the Petroleum Exporting Countries likes to look united. That’s evident when OPEC leaders meet in Vienna at the end of each year to decide how much oil its members will aim to produce the next year. There is always a show of togetherness and the appearance of the quasi-cartel’s ability to move markets. But the truth is, OPEC is in the midst of a major crisis made more evident by Qatar’s announcement that it would be leaving OPEC, partly to protest Saudi dominance over the group.
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