Reports of OPEC's demise again 'greatly exaggerated'

It didn't take long for the puzzlement of some analysts over the recent "split decision" by the Organization of Petroleum Exporting Countries to turn to predictions of OPEC's demise.What was first called a "mistake," with echoes of the ill-fated 1997 Jakarta accord that boosted OPEC quotas even as the Asian economic crisis was collapsing demand, is now being cited as a clincher that the OPEC "cartel myth" is being exploded.Now some OPEC naysayers are convinced that a price collapse is all but imminent, with OPEC impotent in face of supply pressures pushing oil prices below $20/bbl.As Samuel Clemens said in response to a premature obituary about him, "Reports of my demise have been...

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