The New Oil Age is Upending OPEC and Its Production Politics

The economic hardship experienced by its members makes one wonder why the Organization of the Petroleum Exporting Countries (OPEC) has not cut its production to prop up oil prices, as it has done regularly during the past three decades. The answer, in short, is that the oil market has changed dramatically. The self-proclaimed cartel will have a hard time carving out a new niche for itself in this new oil age.

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