Less than two years ago, many oil industry watchers thoughtthat OPEC was no longer able to influence the oil market because its members couldn't work together to address the oversupply problems that caused crude prices to crash. However, instead of fading away, the organization has once again become relevant: It not only was able to agree on a deal to curb production, but has achieved historically high levels of compliance with that accord.
As a result, oil prices have improved dramatically over the past two years.OPEC Still Holds Lots of Sway in the Oil Market
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