Crude Control: Production Cuts at OPEC Meeting?

OPEC is facing a challenging situation with oil prices at a four-year low, trading below $73 per barrel for the first time since 2010. The organization is considering cutting production for the first time since 2009. Historical context is provided, highlighting a past price war with Saudi Arabia in 1986 that led to a significant drop in oil prices and a collapse in the US oil industry. This historical perspective underscores the potential consequences of current market dynamics.

What situation is OPEC facing as they meet in Vienna?

How has the price of oil changed since September 2010?

What significant action might OPEC take for the first time since 2009?

What was the impact of the 1986 price war on the US oil industry?

How did the Saudis regain their leading role in the world's oil market?