OPEC Was Under Pressure Even Before Covid-19

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Even before the coronavirus pandemic upended global oil markets, the influence of the Organization of the Petroleum Exporting Countries—and the group’s revenues—were under pressure from competitors and the declining value of its crude.

In its annual statistical bulletin released Monday, OPEC said member countries in 2019 exported an average 22.5 million barrels of oil a day, marking a 7.4% decrease from 2018.

Meanwhile,…



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