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Opec tries to ride out oil market's perfect storm

Cartel's mood at World Petroleum Congress pensive and sombre as it faces shale oil to electric car challenges

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Opec and non-cartel members that are party to the deal to coordinate output cuts will have a committee meeting in Saint Petersburg on July 24 to review its effects.

Istanbul

FOR the Organization of the Petroleum Exporting Countries (Opec) cartel - created in 1960 with the aim of supporting a sustainable price on the oil market - it is, in some ways, a perfect storm.

Stocks have surged thanks to the rapid emergence of oil from US shale deposits

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