Energy: OPEC - meeting results and influence on the oil market

OPEC countries - share of global oil supply in 2010 (BP Statistical Review of World Energy, 2011)
OPEC countries - share of global oil supply in 2010 (BP Statistical Review of World Energy, 2011)

The Organisation of Petroleum Exporting Countries (OPEC) decided at its latest gathering to increase its oil production targets by eight per cent. This is the first change in three years. But the reaction of the oil market was muted. The reason? Many of the 12-member cartel have been pursuing their own production levels, regardless. Is OPEC losing its influence and will the emergence of new large oil producing countries such as Brazil redistribute market power?

IN a tight, uncertain market, where the oil price hovers around US$100 per barrel, observers watch OPEC meetings closely and wait for the outcome anxiously.

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