OPEC: From “Increasingly Irrelevant” To Ultimate Market Mover

The oil world is waiting with bated breath to learn what, exactly, OPEC and its partners in production curbs will decide at their meeting in Vienna this week. The oil-producing cartel is giving everyone a run for their money, with final decisions delayed because of internal disagreements.  The future of oil prices hangs in the air, and OPEC is once again calling the shots. A few years ago—in 2014, to be precise—the Financial Times published an opinion piece by Nawaf Obaid, a fellow and associate instructor at the Belfer Center…