Opec, the oil cartel, believed it could help production. Instead, it ended up hurting itself as well as the Russian rouble, energy stocks and much more
The Organization of Petroleum Exporting Countries (Opec), the largest crude-oil cartel in the world, wanted others to feel its pain as oil prices collapsed.
“Opec wanted … to cut off production … and they wanted other non-Opec [countries], especially in the US and Canada, to feel the pinch they are feeling,” says Abhishek Deshpande, lead oil analyst at Natixis.
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