On Apr. 17, global oil producers in Doha watched in horror as a production deal crumbled like a house of cards, amid worries from Caracas to Moscow that the "Doha debacle" would crush a fragile rebound in oil prices that crested $40 for the first time since December. Riyadh, which sank the deal, clearly did not share those concerns. Its evolving oil policy, driven by a combination of its frustration with other Opec members, a mandate to reform its economy and long-term oil demand questions, has put it on a divergent path from the rest of Opec.
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