How COVID-19’s Economic Crisis Could Slowly Break Up OPEC

A city worker sprays disinfectant at a public gas station in Caracas, Venezuela, April 11, 2020 (AP photo by Matias Delacroix).
A city worker sprays disinfectant at a public gas station in Caracas, Venezuela, April 11, 2020 (AP photo by Matias Delacroix).
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Years from now, when historians and economists begin tallying the devastation wrought by COVID-19, it is likely only a few will focus much on world energy markets. Yet if there is one thing that has snapped into sharper view with the onset of this global pandemic, it is the extremely brittle state of OPEC and the autocratic governments that rely almost exclusively on the cartelization of oil markets to prop up their regimes. In September, OPEC will mark its 60-year anniversary as the world’s most preeminent price-fixing consortium. But it seems far from certain that the governments of the 13 […]

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