OPEC is under intensifying pressure to show it still has the power to reverse a slide in oil prices, according to RBC Capital Market’s Helima Croft.
The Middle East-dominated producer group has struggled to shore up crude futures this year, amid a deteriorating outlook for global growth and a protracted trade dispute between the U.S. and China.
It has once again raised questions about whether OPEC really wields that much influence over world crude markets, particularly at a time when oil traders are constantly on alert for the next tweet from President Donald Trump.
