Flood of new oil supply coming onstream from outside Opec and weakening demand makes the group's role in energy markets less relevant
It wouldn?t be the first time that a meeting of the Organisation of Petroleum Exporting Countries (Opec) has taken place in an atmosphere of deep division, bordering on outright hatred. In 1976, Saudi Arabia?s former oil minister Ahmed Zaki Yamani stormed out of the Opec gathering early when other members of the cartel wouldn?t agree to the wishes of his new master, King Khaled.
The 166th meeting of the group in Vienna next week is looking like it could end in a similarly acrimonious fashion with Saudi Arabia and several other members at loggerheads over what to do about falling oil prices.
Whatever action Opec agrees to take next week to halt the sharp decline in the value of crude, experts agree that one thing is clear: the world is entering into an era of lower oil prices that the group is almost powerless to change.
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Sun sets on Opec dominance in new era of lower oil prices - Telegraph