OPEC, which for decades controlled global oil production, appeared to be losing its grip ahead of Wednesday’s scheduled meeting in Vienna to freeze or reduce output and prop up prices.
Some members of the Organization of Petroleum Exporting Countries have been trying to convince the rest to cut production to boost oil prices, which are half of what they were in 2014, currently hovering in the mid-$40 a barrel, the result of an oil glut.
Current price levels are good news for airlines, truckers and drivers but bad news for alternative energy startups, shale oil and gas operations, and economies dependent on oil prices to fund their budgets.
Any price increase, however, could come at the cost of market share as Asian buyers, who use a third of the world’s supply, look elsewhere, Reuters reported.
“For us, the current price levels look to be appropriate for both sides [buyers and…