The cartel is struggling to convince markets that it can stabilize oil prices. WSJ’s Sarah Kent takes a look at the current state of OPEC’s power. (Originally published Dec. 6, 2018)VIENNA—OPEC sealed a long-term cooperation pact with Russia on Tuesday, extending a partnership set up two years ago to fight a surge of U.S. oil that has upset the cartel’s pricing power, OPEC officials said. The 14 crude-producing nations of the Organization of the Petroleum Exporting Countries and a Russia-led group of 10 countries also completed a nine-month agreement to curb oil production by a combined 1.2 million barrels a day, rolling over a previous deal, officials said.

Source: Wall Street Journal July 02, 2019 11:06 UTC