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Opec deal can't hide decline of Saudi power as cartel loses clout

Also, it is not clear whether non-Opec producers, chiefly Russia, will abide by the output-cut deal, and how US shale oil producers will respond to the agreement.
Wednesday, December 14, 2016 - 05:50

Opec member states are now haggling over marginal supply cuts that increase prices by a few dollars per barrel - and the solidarity does not last long. The best evidence of this is to look at Opec's share of world oil output, down from more than half in the 1970s to less than 40 per cent today.

New Haven, United States

MORE than two years after the crash in oil prices, the cartel that unites several of the world's biggest oil producers has at last finalised a deal to cut production levels to boost prices. In decades past, the Organization of the Petroleum Exporting Countries (

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