By Dmitry Zhdannikov

LONDON (Reuters) – After a year of secret diplomacy and hushed-up private talks around the world, OPEC’s mighty Saudi Arabia and rival Venezuela were persuaded to cut a deal by non-OPEC Mexico which overcame mutual acrimony and led to a much-needed rise in oil prices.

It was 1998, trust had long broken down within the Organization of the Petroleum Exporting Countries and it took outside mediation as a last resort to stop the squabbling to clinch deals at secret meetings in Riyadh, Madrid and Miami.

Now, with oil prices touching their lowest level since 2003, OPEC officials and deal brokers read more >>>

Source : BusinessInsider.Com