| The Organization of Petroleum Exporting Countries (OPEC) is steadily losing control of the oil market with the rise of two new industry leaders, Russia and the US. And neither of the member countries has an interest in perpetuating oil-price fixing which is the primary motivation behind OPEC.
Under this scenario, some industry analysts and traders were seeing a bleak future for the organization, anticipating an eventual demise of the 54-year old oil body. Russia needs to produce as much oil and gas as possible to try and balance its budget which is dangerously dependent on petroleum while the broadly diversified US economy is enjoying the benefits of rising domestic production and falling prices...............................................Full Article: Source
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