Thursday, 27 November 2014

OPEC is moribund

OPEC, the oil countries organization, is less and less relevant. It´s deeply divided, it´s unable to attract new member states to join the 12 that make it, and its total production is less than one third of the overall oil production figure.

Today´s meeting has shown the impasse the organization is in. And the price of oil has tumbled as a result. 

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