“We aren’t going to go back to a cartel … That time has passed” – U.A.E. Minister Al Mazrouei
Just over a year after deciding to change its focus to defending market share rather than oil prices, OPEC members left their semi-annual meeting in Vienna on December 4 grim-faced, according to reports. After out-producing its self-imposed ceiling for 18 months, according to data compiled by Bloomberg, OPEC decided to remove its production quota entirely.

“Effectively, it’s ceilingless,” said Iranian Oil Minister Bijan Zanganeh. “Everyone does wha...

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