Economics

OPEC’s Squabbles Don’t Really Matter for the Oil Market

Largest oil producers ramp up with scant regard for cuts deal
Iran’s protests have little clout compared with Trump’s tweets

Oil production on a drilling rig in the Samotlor oilfield near Nizhnevartovsk, Russia. — Oil production on a drilling rig in the Samotlor oilfield near Nizhnevartovsk, Russia.
Photographer: Andrey Rudakov/Bloomberg

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By James Herron and Rakteem Katakey

September 20, 2018 at 11:01 PM UTC

Updated on

September 21, 2018 at 10:11 AM UTC

This article is for subscribers only.

OPEC and its allies seem poised for another contentious meeting in Algeria this weekend as Iran -- wounded by U.S. sanctions -- cries betrayal and threatens to veto decisions.

Yet none of this really matters for the oil market.