Oil price ‘now controlled by just 3 men’
The Organisation of the Petroleum Exporting Countries (OPEC) has lost what control of the oil market it ever had.
The actions (or tweets) of three men — Presidents Donald Trump and Vladimir Putin and Crown Prince Mohammed Bin Salman — will determine the course of oil prices in 2019 and beyond. But, of course, they each want different things.
While OPEC struggles to find a common purpose, the US, Russia and Saudi Arabia dominate global supply. Together they produce more oil than the 15 members of OPEC. All three are pumping at record rates and each could raise output again next year, although they may not all choose to do so.
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