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Opec is no longer a dominant force

Failure of the Russia-Opec deal and the rise of US shale production suggest that the days of coordinated production cuts may be over.

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Over the past year, many officials and industry executives began advocating cooperation between Russia and Opec in an attempt to bolster prices.

WHEN recent negotiations in Doha, Qatar, between some of the world's largest petroleum producers failed to deliver an expected freeze of oil production, markets responded in a surprising fashion: The price of oil rallied, hitting its highest point of the year. Part of the price increase was