As leaders plan to meet informally on Monday, some are hoping to reach a consensus but skeptics write it off as another chance for ‘photo ops’
Being an oil producer used to mean dealing with luxury problems for many members of the Organization of Petroleum Exporting Countries (Opec). Not anymore. With the oil price still bumping along sustained lows, many of those countries are in crisis. Opec will gather for the third time this year on Monday to discuss crude-oil market conditions. But whether the cartel can finally reach a consensus about what to do remains questionable.
Overproduction of oil, powered by a desire to see off a threat from the US shale industry, has sent oil prices into a prolonged slump and caused economic turmoil for many of Opec’s members.
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