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Is OPEC’S demise greatly exaggerated?

When the Saudis walked out of Thursday’s OPEC meeting in Vienna to protest a decision to cut oil production in response to declining prices, which now hover just above $100 per barrel, some members of the business press and related blogs were quick to signal the organization’s demise. There are, however, a handful of US-friendly member nations who may view such reports as premature, including the UAE, Qatar, Kuwait, and Iraq. This latest feud appears to be more about the floor price than the purpose of the cartel. For more, see article in Financial Times.