VIENNA — The just-ended OPEC meeting was about more than what a barrel of oil can fetch on the open market as the global economic picture grows dim.
OPEC heavyweight Saudi Arabia gave a nod, at least symbolically, to fellow member states that have grown increasingly uneasy about the rapid decline in crude prices. The Saudis attempted to placate rival Iran and laid the groundwork for a potential alliance with Russia, the second-largest oil producer.
But OPEC’s announcement that it would cut output by more than 500,000 barrels by sticking closer to quotas did little to change what most consumers care most about — the cost of filling up a car with gas or heating a home over the winter.
Benchmark oil prices were on a downward course Wednesday, shedding 68 cents to fetch $102.58 a barrel on the New York Mercantile Exchange. Brent crude briefly touched $98.10.
OPEC’s continued ability to present a common front while extending a hand to Russia is potentially bad news for major crude consumers, including the U.S. and Europe. There may be even less wiggle room in trying to find the lowest bidder to supply energy at a time when summer’s record oil prices of nearly $150 are still a vivid memory.
But it may also have been a signal that record oil prices may have, at least for the near future, spoiled the global appetite for crude.
