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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
Monday, July 17, 2017 - 05:50

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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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