OPEC's Lost Its Team Spirit
Expectations are high OPEC will keep it together and extend its historic output-cut agreement. The price crash will be huge if it doesn't.
The risk of OPEC's output deal collapsing is small, but it's not zero.
Photographer: Andrey Rudakov/BloombergOPEC's historic output agreement may be teetering on the edge of collapse. It wouldn’t be in the interest of a single cartel member, but then nor was letting that last deal implode in March. Ignoring the risk of another breakdown seems blinkered.
What was meant to be a pretty straightforward meeting of the Organization of Petroleum Exporting Countries broke up spectacularly on Monday. So they pushed back a gathering with their OPEC+ allies from Tuesday to Thursday in order to allow themselves more time to try to reach agreement internally first.