UAE’s exit deals a death blow to OPEC

For over six decades, the world has regarded the beautiful and peaceful city of Vienna with a certain apprehension. Austria, a country far removed from the fossil fuel imagery, is nonetheless the seat of power in the world’s largest commodities market. There, a stone’s throw from its imposing neo-Gothic City Hall, the energy ministers of the Organization of the Petroleum Exporting Countries (OPEC) meet month after month to decide how much production to withhold from the market in order to keep prices high, effectively steering a marketplace that resembles a modern bazaar more than a free market.

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