QuickTake Q&A: Saudi Arabia’s Quest for Change Imperils OPEC

There was a time when OPEC could get into the head of an American president. These days, it could use some counseling. Saudi Arabia, one of OPEC’s five founding members and traditionally its dominant voice on policy, has been going it alone, an independent streak that runs counter to the very nature of a cartel. OPEC’s members, which contribute about 40 percent of the world’s supply, are meeting in Vienna with slim prospects for any breakthrough on agreeing to output limits.

The Organization of Petroleum Exporting Countries relies on cooperation from its 13 member countries on production quotas to prevent prolonged periods of oversupply and low prices. In 2014, Saudi Arabia -- the only OPEC member with considerable spare production capacity -- shifted to a policy of putting market share above price stability and oil crashed. An attempt to compromise on an output freeze failed in April when Saudi Arabia insisted that Iran, an OPEC dissident on the matter, must sign on as well. With no agreement, OPEC members continue to pump full blast.