You have probably heard of OPEC: Oil Producing and Exporting Countries. Nowadays, the news headlines are much about OPEC+, which includes OPEC members plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Mal.
OPEC+’s decision to cut production shouldn’t have surprised the U.S., but it didn’t, and while the short term impact on prices may be limited, the longer term impact on geopolitical relations will be much larger