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.
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
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 (Opec) dominated world oil markets, with Saudi Arabia in particular able to dictate prices by increasing or decreasing oil production.
Over the course of the 1970s, the price quadrupled, thanks to Opec-induced supply cuts. This time, prices jumped 10 per cent on news of the deal. The main takeaway from the negotiations is that Opec is less influential than ever before.
Copyright SPH Media. All rights reserved.
TRENDING NOW
StarHub hands Ensign InfoSecurity control back to Temasek in S$115 million deal, books S$200 million gain
Singaporeans can now buy record amount of yen per Singdollar
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Keppel DC Reit posts 13.2% higher Q1 DPU of S$0.02833 on strong portfolio performance
