OPEC Unity Shattered as Saudi-Led Policy Leads to No Limits
- `Ceilingless' plan looks to squeeze rivals' market share
- Policy's opponents, such as Venezuela, offer little comment
OPEC's Decision to Keep Pumping Sends Oil Below $40
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OPEC has abandoned all pretense of acting as a cartel. It’s now every member for itself.
At a chaotic meeting Friday in Vienna that was expected to last four hours but extended to nearly seven, the Organization of Petroleum Exporting Countries tossed aside the idea of limiting production to control prices. Instead, it went all in for the one-year-old Saudi Arabia-led policy of pumping, pumping, pumping until rivals -- external, such as Russia and U.S. shale drillers, as well as internal -- are squeezed out of market share.