Opec veteran says that current oil prices slump has exceeded the worst expectations of the group
By Andrew Critchlow, Commodities editor: 24 Aug 2015
Opec is powerless to arrest the slide in oil prices unless producers outside the group such as Russia match any cuts in output, according to a former president of the group.
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With oil prices plummeting due to global oversupply, the Organisation of the Petroleum Exporting Countries (Opec) would be unable to stabilise the market on its own, Abdullah bin Hamad Al-Attiyah told The Telegraph on Monday. The group – which is mainly comprised of Middle Eastern and South American oil producers – would need agreement from other oil-producing nations.