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. Saudi Arabia plans to limit its oil output by more than it committed in a six-month OPEC pact, according to documents reviewed by The Wall Street Journal that reveal the cartel’s efforts to be more transparent about its production. Despite the Organization of the Petroleum Exporting Countries’s agreement with its Russia-led allies earlier this month to throttle back production by a combined 1.2 million barrels a day, oil prices have lost nearly 10% since because of doubts among traders that the decision will be implemented.

Source: Wall Street Journal December 20, 2018 14:47 UTC