Opec Deal Shows Cartel's Resolve — And Desperation

ALGIERS, Algeria (AP) — OPEC's unexpected understanding to trim production shows the cartel still has the resolve — and even desperation — to try to guide energy markets higher. Ministers from the oil cartel reached a preliminary deal Wednesday in Algeria to cut production for the first time since the global financial crisis eight years ago. Saudi Arabia, the world's biggest producer, played a key role in the OPEC policies that helped push oil prices sharply lower over the past couple of years. Instead of cutting production, OPEC opted to pump at high volumes to maintain market share and, seemingly, to drive U.S.

Topics:  algiers   algeria ap     opec   ministers   saudi arabia   u.s    moscow   algeria   opec   shows   resolve   desperation   oil   production   years   prices   higher   market   cartel   
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