An unruly OPEC is causing problems for Russia and Saudi Arabia
The cartel is failing to drive up oil prices
The meeting in November of the Organisation of the Petroleum Exporting Countries and its partners (opec+) was meant to be a staid affair. Instead, the summit was first pushed back from the 26th and then moved online, revealing a fracas between the cartel’s big producers and its minnows. After acquiescing to lower output quotas at their previous meeting in June, opec+’s west African members were unhappy to learn that Russia and Saudi Arabia, the bloc’s de facto leaders, wanted to further curtail output. One oil minister, Diamantino Azevedo of Angola, planned to boycott the in-person meeting altogether.
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This article appeared in the Finance & economics section of the print edition under the headline “Fissures”
Finance & economics December 2nd 2023
- Welcome to a golden age for workers
- Real wages have risen in America and are rebounding in Europe
- China edges towards a big bail-out
- An unruly OPEC is causing problems for Russia and Saudi Arabia
- How to get African oil out of the ground without Western lenders
- Short-sellers are endangered. That is bad news for markets
- Why economists are at war over inequality
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