More than a week after Saudi Arabia failed to persuade all of its fellow OPEC members to increase oil output, analysts and investors are still trying to sort out the meaning of the fracas. One of the consequences may be the death of OPEC-or at least its irrelevance for the foreseeable future. As Saudi Arabia seeks to manage the fallout from the Arab Spring, the kingdom is engineering a new economic and foreign policy that clearly puts its interests first and those of OPEC second.
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