The move reflects a widening confrontation with Saudi Arabia and a fundamental realignment of alliances.
International consultant in energy and global affairs.
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For decades, the Organization of the Petroleum Exporting Countries (OPEC) functioned as far more than an oil cartel. For its Gulf members, the organisation embodied a form of collective sovereignty over their primary resource: the capacity of Arab producing states to weigh together on the global economy, defend a shared rent and speak with a coordinated voice to Western consumers. That institutional fiction has just collapsed.
