It took months of delays but even before the cartel’s latest ministers meeting began in Vienna, the Saudis and Russians rendered it meaningless by largely deciding an outcome that failed to surprise the market. Not that long ago, a meeting of the Organization of Petroleum Exporting Countries (OPEC) carried great weight in the global energy market and was accompanied by intense anticipation. The powerful oil producer’s cartel at one point held over a third of the international crude market share and its decisions, often resulting in a cut or uptick in members’ production, dictated the direction of oil futures.
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