Making sense of OPEC's oil strategy

OPEC's decision to maintain production amid sinking oil prices is similar to the actions taken by Rio and BHP to drive out high-cost production in iron ore.

Saudi Arabia’s oil minister this week made it brutally clear why the Saudi-led OPEC chose to maintain production in the face of plummeting oil prices. It was a strategy, he said, not just in response to the plunge in the price but for the future.

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