Speaking at the International Petroleum Technology Conference (IPTC) in Dhahran, Saudi Arabia, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman justified OPEC's actions by claiming that OPEC is not a cartel.
Unlike what CNBC, Bloomberg, Wall Street (Journal), and FT (Financial Times) sometimes call OPEC a cartel, it is not a cartel. It's a group of responsible producers, who try to conduct themselves for the betterment of creating an environment, an ecosystem, where we can grow and prosper. Certainly, the most fundamental component of that is stability, to have a sustainable price level, and a