"OPEC has abandoned all pretense of acting as a cartel. It’s now every member for itself.
At a chaotic meeting Friday in Vienna that was expected to last four hours but extended to nearly seven, the Organization of Petroleum Exporting Countries tossed aside the idea of limiting production to control prices. Instead, it went all in for the one-year-old Saudi Arabia-led policy of pumping, pumping, pumping until rivals -- external, such as Russia and U.S. shale drillers, as well as internal -- are squeezed out of market share.
'Lots of people said that OPEC was dead; OPEC itself just confirmed it,' Jamie Webster, a Washington-based oil analyst for IHS Inc., said in Vienna."
Laura Hurst, Nayla Razzouk, and Julian Lee report for Bloomberg December 4, 2015.
SEE ALSO:
"Ruble Falls After OPEC Allows Producers to Pump All They Want" (Bloomberg)
"Brent Crude Hits Six-Year Low as Oil Rout Continues" (Guardian)
"Dubai Leads Arab Gulf Stock Decline as Oil Slump Raises Risk" (Bloomberg)
"Oil Price To Remain Low in 2016, Says Total Boss" (BBC News)
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