Inability of opec, Producing nations outside the

Inability of opec

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Reference no: EM137002

Q. The New York Times reported that "the inability of OPEC to agree last week to cut production has sent the oil market into turmoil the lowest price for domestic crude oil since June 1990." Why were the members of OPEC trying to agree to cut production?
Why do you suppose OPEC was incapable to agree on cutting production? Why did the oil market go into "turmoil" as a result?
The newspaper also noted OPEC's view "that producing nations outside the organization, like Britain and Norway, should do their share and cut production."

What does the phrase "does their share" suggest about OPEC's desired relationship with Norway and Britain?

Reference no: EM137002

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