Source: www.huffingtonpost.ca --- Wednesday, May 11, 2016
Image may be NSFW.
Clik here to view.
Just last month, oil prices went up with the news of an OPEC meeting that wasn't even happening. It came after an unsuccessful summit in Doha, Qatar , where members such as saudiarabia and Iran couldn't come to an agreement to cap production (Iran did not attend) and, hopefully, stem a drop in prices that had persisted since 2014. But the fact that prices jumped at the news is a testament to just how much influence the cartel of oil-producing nations has on global markets. It's an influence that could be waning as the organization fails to present a unified front, if an ally to Russian President Vladimir Putin can be believed. Igor Sechin attends a meeting oat Moscow's Kremlin on Feb. 1, 2016. (Photo: Alexei Nikolsky/TASS via Getty Images) OPEC was formed in 1960 , as an organization of oil-producing nations such as saudiarabia, Iraq, Iran, Kuwait and Venezuela. Together, they have enormous influence over international prices because they produce approximately 40 per cent of Earth's crude oil , according to the Energy Information Administration (EIA). But today, Igor Sechin, the executive chairman of oil company Rosneft , which is majority owned by the Russian government, told Reuters that OPEC has " practically stopped existing as a united organization ." In recent months, Russia, which is not an OPEC member, had talked about cooperating with the organization as members such as saudiarabia increased production and tanked oil ...
↧
The End Of OPEC Is Being Predicted By One Of Vladimir Putin's Biggest Allies
↧
