COLUMN-Oil market balance of power shifts: Kemp | Reuters:
The shift in oil market power away from OPEC towards a bilateral relationship between Saudi Arabia and Russia is the culmination of structural changes in oil production over the last 20 years.
These shifts are deeply structural and have little to do with the personality or negotiating skills of individual oil ministers, which arguably attract far too much attention from commentators and journalists.
Most of these changes can be traced back for 20 years or more, though some of them have recently accelerated, such as the recent slump in output from Venezuela and Libya.
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