| The group recently agreed to production cuts to try to prop up low oil prices, but left details for later. For two years, the Organization of the Petroleum Exporting Countries has appeared powerless to stop a slide in prices that has punished the economies of oil-dependent members, including Saudi Arabia.
Such a state of affairs calls into question whether the once-powerful cartel is still a relevant force in today’s market. The group reasserted itself in September in Algiers, saying its members agreed to cut production............................................Full Article: Source
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