In what some saw as a sign of OPEC’s growing irrelevance in the world of oil, Venezuela’s Oil Minister Manuel Quevedo will take the helm of the cartel beginning next month for a year. In an analysis of the situation, the Wall Street Journal’s Benoit Faucon and Kejal Vyas argued Quevedo’s appointment could be the spark that starts an explosion in the cartel. Although Quevedo, a former general, said he will seek stability, “a deal that is fair to everyone” and comes in response to oil fundamentals rather than politics, expectations are not very high. There are internal tensions in OPEC that became painfully obvious in the days ahead of the Vienna meeting that took place yesterday. Some OPEC members are angry with the de facto leader of the group, Saudi Arabia, who has been getting cozy with Russia over the last two years, raisin suspicions it is putting […]