Global Markets: OPEC no longer primary decision-making forum

The official flag of the Organization of the Petroleum Exporting Countries.

Reuters argues that oil policy is now being driven by Saudi Arabia and Russia, and OPEC, as we have known, is obsolete.

“OPEC is no longer the primary decision-making forum for producing countries trying to coordinate policy on output and prices. Real decision-making power has passed from OPEC and its group of allies into the hands of Saudi Arabia and Russia,” Reuters wrote.

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