The writer is an oil market analyst and founder of Base Research
Every cartel eventually ends in failure. As members struggle to respond to the rise in new sources of supply outside the cartel, fissures are opened up by changes in individual country circumstances and distribution of production among members.
Opec is likely to prove no different. The United Arab Emirates’ decision to leave both Opec and the broader group of producers known as Opec+ is the biggest challenge to the cartel for decades and will profoundly alter attempts to manage the oil market.
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