go to top
Russian Energy Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud in Vienna. Russian Energy Minister Alexander Novak and Saudi Energy Minister Prince Abdulaziz bin Salman Al-Saud at a joint news conference after the 7th OPEC+ meeting in Vienna, Austria, Dec. 6, 2019 (Sputnik photo by Alexey Vitvitsky via AP).

How OPEC Shook Off a Historic Crash to Successfully Stabilize Oil Markets

, Monday, July 27, 2020

The global clout of OPEC, never one of the world’s most admired institutions, reached a nadir in April when a dispute between Saudi Arabia and Russia triggered a price war just as global oil demand was collapsing due to the coronavirus pandemic.

Three months later, the cartel has re-emerged as a model of transnational cooperation and collective sacrifice, implementing historic production cuts in an effort to stabilize prices. Oil markets have noticed. After cratering below $20 a barrel in April, Brent crude, the international benchmark price, has hovered between $42 and $45 so far this month, even as demand remains low due to coronavirus-related travel restrictions. ...

To read more,

enter your email address then choose one of the three options below.

Subscribe to World Politics Review and you'll receive instant access to 10,000+ articles in the World Politics Review Library, along with new comprehensive analysis every weekday . . . written by leading topic experts.