OPEC is working on establishing a legal relationship with its partners in the crude oil production cut agreement. This would mean a larger oil cartel controlling possibly more than half of global oil supplies: OPEC currently controls 40 percent. OPEC’s Secretary General Mohammed Barkindo said the legalization of the relationship is a top priority at the moment, as the group aims at “stability of oil prices on a sustainable basis.” He added that “OPEC as an organization controls nothing more than 40 per cent of the oil market. The issue of stability on a sustainable basis is probably beyond the capacity of an organisation that controls only 40 per cent and that is what led to the Algiers agreement last year and later to the historic first joint meeting of OPEC and non-OPEC members.” There are three joint bodies working on the structure of this new relationship, Barkindo said, […]