G20 Oil Agreement Doomed To Fail As All Earlier OPEC Deals Have Failed

G20 Oil Agreement Doomed To Fail As All Earlier OPEC Deals Have Failed

Price-rigging, once a globally reviled specialty of the Organization of Petroleum Exporting Countries, has been legitimized by the world's 20 biggest countries but just as OPEC has failed to control the oil market, so will the G20.. Working against today's agreement of the G20 to try and reduce production and hope that the oil price will rise are the same forces that have dogged oil for a decade; rising supply and slowing demand.. "OPEC, as the so-called central bank of oil, has disappeared," Gould said.. As for OPEC's lead member, Saudi Arabia, working with Russia and the U.S. to limit oil supply, he said he was skeptical.. Sobering as the view is of the oil market it could actually be worse because so much depends on OPEC and other oil producers developing a trust relationship where none has existed in the past - and all during the Covid-19 pandemic.. I studied geology in the 1960s and worked for a small mining company before getting a start in journalism during the 1969 nickel boom..