OPEC has never really died during its history.Even though it’s members have tried to cut each other’s throats through he years by pumping above their agreed quota’s.
Prior to last month’s meeting, Saudi made it clear they were not going to make the cuts to fund those that did not and their overspending governments.
OPEC now has very little pricing power. Among the top five oil producing countries, only Saudi Arabia is an OPEC member.