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

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).
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).
SUBSCRIBE NOW
Free Newsletter

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 […]

TO READ MORE

Enter your email to get instant access to this article and to receive our free email newsletter:

Or, Subscribe now to get full access.

Already a subscriber? Log in here .

What you’ll get with an All-Access subscription to World Politics Review:

A WPR subscription is like no other resource — it’s like having your own personal researcher and analyst for news and events around the globe. Become a member now, and you’ll get:

  • Immediate and instant access to the full searchable library of 15,000+ articles
  • Daily articles with original analysis, written by leading topic experts, delivered to you every weekday
  • Daily links to must-read news, analysis, and opinion from top sources around the globe, curated by our keen-eyed team of editors
  • Weekly in-depth reports, including features on important countries and issues.
  • Your choice of weekly region-specific newsletters, delivered to your inbox.
  • Smartphone- and tablet-friendly website.

And all of this is available to you — right now for just $1 for the first 3 months.

More World Politics Review