Monday’s announcement by Qatar that it is leaving OPEC does not spell the end of that organization, or really do it much harm. But, coming as it does on the heels of the recent 30% drop in global crude prices, the meeting of the OPEC nations that began in Vienna on Wednesday represents a crucial moment for the global oil industry. As it has for most of the past two years, the OPEC+ alliance holds many of the cards that will influence crude prices in the coming months, and how they play those cards will impact producers and consumers alike.
