Opec's decision last November not to reduce production to try to halt the slide in global oil prices doesn't mean the organization has given up its role as the world's market manager, Exxon Mobil Chairman and Chief Executive Rex Tillerson says. "I don't think Opec has surrendered at all. I think they recognized what they are dealing with. Their alternatives were to do what they have traditionally done when we have gone through these cycles, and that is manage their production to sustain a price band. What they are doing is classic price discovery," Tillerson told International Oil Daily sister publication Petroleum Intelligence Weekly.
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