OPEC is no longer an all-powerful cartel and now has plenty of competition, explain the authors.

Source: agenda.weforum.org

"This new situation is a free-for-all between the three major players: OPEC (led by Saudi Arabia), US-based private oil companies, and Russian state-controlled oil firms. All three groups have the same reason for wanting to produce more – they need or want more money in the short-medium term to satisfy their current spending, shareholder and salary expectations. Amid this competition, cutting production on purpose isn’t such an attractive move."

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