Oil prices plunged to six-year lows within a week of the recent OPEC meeting, which failed to address the global glut of crude triggered by Saudi Arabia’s decision to abandon its swing producer role a year ago.
A number of OPEC members had made vague comments before the meeting, held in Vienna on 4 December, which some optimistic pundits took as being hints that the group might take action to boost prices. But the reality was bleaker than even the pessimists had expected – the final OPEC communiqué did not even pay the usual lip service to the organisation’s role in maintaining market stability.
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