OPEC v oil prices: how the world's biggest oil cartel lost its power
In the 1970s, refineries in the Middle East controlled the world's flow of oil. Not any more.National Iranian Oil Company/Wikimedia CommonsWith oil prices on the slide, members of the once-dominant Organization of the Petroleum Exporting Countries (OPEC) decided last week not to attempt to rally them by cutting production, leaving the Brent Crude...
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