Opec's Nervy Quota Kept Competition At Bay – But Is It Still Calling The Shots?

The last time the Organization of Petroleum Exporting Countries (Opec) met, it wanted to send a message to oil producers that weren’t cartel members: cut it out. The members of the world’s most powerful energy club are likely to allow themselves a congratulatory smile when they meet again on Friday. The message was received.
At Friday’s meeting in Vienna, Opec is widely expected to keep its production quota at 30m barrels a day, a level set when Opec last met in November. At the time, crude-oil analysts said the cartel was launching a price war for global market share with non-Opec members, namely US shale-oil producers. Opec’s move worked but the competition is still snapping at its heels.