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Commodities Briefing - Categorized | Oil, Regulatory more

Opec aims to halt oil price fall by cutting output

Posted on 17 December 2008

From Guardian: The 13-nation Opec cartel signalled its intention last night to cut oil output by up to 2m barrels a day in an effort to halt a plunge of more than $100 (£65) a barrel in the price of crude since the summer.

Faced with the biggest drop in global demand since the early 1990s, the oil producers’ organisation hopes more stringent quotas will spare its most vulnerable members from economic calamity by pushing prices back up to $75 a barrel next year….. Full Article: Source


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