02 June 2016 at 23:05 GMT
Nikkei Asian Review
Signs of an oil market recovery gave Opec room to forgo a freeze on output increases at its meeting on Thursday. But failure to agree on a quota policy indicates internal divisions that have yet to be bridged. The cartel's strategy has prioritized market share over keeping prices high. Though the price tumble resulting from this shift hurt the group, the plan looks to be paying off as shale oil producers and non-Opec nations trim output. Yet there is no guarantee that the cartel's strategy will remain viable. Rising crude prices could breathe new life into the shale oil industry, intensifying competition. That, along with the struggle to mend damaged ties within the group, could keep Opec on its toes despite the apparent recovery.
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