It continues to be amusing to see the financial media cover the oil story as if nothing has happened over the last several years that has forever changed the market. That's especially true with the latest meeting of oil powers Saudi Arabia, Russia and Venezuela. Qatar was also there, but it was allowed to show up because it holds the rotating OPEC presidency at this time.
Why I say this is the media still operate under the assumption oil competitors can cut production as they have agreed to in the past and come up with the same results. The last such meeting was in 2001 when Russia agreed to partake in a global deal to lower production. It never complied with the dea...
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