Has OPEC lost its grip on oil prices?

In an article on USA Today, Hossein Askari, Iran professor of business and international affairs at George Washington University, says "OPEC is just powerless. They cannot agree to anything, both for political reasons and economic realities."

"I think we're in a newer paradigm for the oil market," said Rob Haworth, investment strategist and commodities expert at U.S. Bank Wealth Management. OPEC "can't afford to cut production in a meaningful way, so we are back to the market and the fundamentals of supply and demand and cost of production being the driver of price."