Wednesday’s Opec meeting may have resulted in a no-change decision on production targets, but as more and more people are noticing, its importance lay elsewhere — in signalling some significant turmoil within the organisation itself.
Indeed, if ever proof was needed that Opec may be turning into an outdated institution for today’s commodity markets, Wednesday’s meeting could very possibly have been it.
Saudi oil minister Ali Naimi, was famously quoted calling it “one of the worst meetings we have ever had.”
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