OPEC Faces Seismic Demand Split as Cartel Plots Next Move
- Oil market is divided by east vs west demand dynamics
- Informal talks didn’t yield agreement; ministers meet Monday
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As OPEC+ ministers gather virtually this week, the city that traditionally hosts their meetings will be locked down. Vienna’s Christmas markets will be closed, the famous Ringstrasse boulevard silent. For oil ministers, the scene should urge caution.
But while the Austrian capital provides a dramatic example of how the second wave of the pandemic is shutting down economies in Europe and the U.S., the global picture is more nuanced.