The expectation was that OPEC countries would continue cutting back supply. Some think the delay may mean there’s disagreement about that.

If the conflict widens to include direct confrontation with other nations in the Middle East, the economic shockwaves could be significant.

Since the end of September, Brent Crude has been sliding — down to the $84-a-barrel range, more than a 10% decline in just over a week. This is also playing out at the pump, with gas down about eight cents a gallon in the last week.

Tight global supply raises costs for industry and motorists, but for now, the pain is milder than it was during price spikes decades earlier.

It’s mostly down to the falling price of oil, but the ingredients and materials manufacturers use are getting cheaper too.

The addition of American crude oil to the Brent benchmark had an immediate impact on global oil prices.

OPEC is trying to cut production among its members in a bid to push up the price of oil, but it hasn’t gone according to plan.

The Saudis invited the Russians to the table and rolled out the red carpet. But the Russians haven’t always done what the Saudis want.

And if it doesn’t work, they’ll cut production.

The cartel releases its monthly oil market report on Thursday.