Are the Saudis acting as if OPEC is losing relevance?

  • Yes, they seem to be.
  • In Nov 2014, faced with falling oil prices, Saudi Arabia (OPEC's leader) decided not to cut supply (atypical of OPEC's usual pricing strategy).
  • Could effectively mean that OPEC is becoming irrelevant and that the world should set oil prices, and not OPEC.
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