New Oil Order: The oil price is now controlled by just three men
That OPEC, the crony cartel has been effectively busted, for the time being, is a good thing. But is an oil market dominated by the USA, Russia, and Saudi Arabia any better?
Yes. Because each of the players have significantly different interests. At least more different than the OPEC countries had relative to one another, which joined together mostly to counter and when possible exploit the economies of the US and Europe. (And to make life difficult for Israel on occasion.)
Whether the current state of affairs will work to the world's benefit remains to be seen. But it is possible that intrests beween the big 3 are different enough to encourage beneficial competition. On the other hand The White House, The Kremlin, and the Saudi Royal Palace all have each other on speed dial.
(From World Oil)
OPEC has lost what control of the oil market it ever had. The actions (or tweets) of three men — Presidents Donald Trump and Vladimir Putin and Crown Prince Mohammed Bin Salman — will determine the course of oil prices in 2019 and beyond. But of course they each want different things.
While OPEC struggles to find common purpose, the U.S., Russia and Saudi Arabia dominate global supply. Together they produce more oil than the 15 members of OPEC. All three are pumping at record rates and each could raise output again next year, although they may not all choose to do so.