If Opec were a poker player, it would be pretty happy with how it played its hand in 2016. In January, the oil world was suffering from the systemic aftershock of last year’s meltdown as prices went below $30 per barrel.
Opec is often described as a cartel, manipulating oil prices by controlling output to an oil-dependent world. It turns out there is more than one way to skin a cat, and manipulation of the market has proved to be not only relatively easy, but highly fruitful for producers.
Opec
