At their latest meeting in early December, the Organization of Petroleum Exporting Countries and its partners, led by Russia, agreed to reduce their combined production of crude oil to some 2.2 million barrels daily. This was the latest in a series of cuts, the bulk of them shouldered by Saudi Arabia, that the cartel made in a bid to push international oil prices further. It is pretty much standard practice for OPEC. But this year, the cuts didn't work. Reports of OPEC's waning relevance came back into the spotlight. But just as before,…
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