Lower Oil Prices: Making The World A Better Place?

OPEC delegates talked of cohesion and unity as they left their latest ministerial meeting in Vienna. But the 27 November gathering, which resulted in a rollover of the current 30mn b/d ceiling and sent oil prices into a dive, went far less smoothly than public comments by ministers and the final communique suggest.

The relationships among OPEC’s 12 members are complicated. Behind closed doors, the arguments for and against a...