| OPEC has announced a cut in production for the first time in eight years, but the cartel is irrelevant and should not be believed, Konstantin Simonov, director of Russia's National Energy Security Fund, told the Russian newspaper Vzglyad.
On Wednesday the 14 members of OPEC held a meeting in Algiers and unexpectedly agreed to cut production for the first time in eight years. With Saudi Arabia and other members of the cartel struggling to balance their budgets due to lower oil revenues, OPEC decided to completely reverse its November 2014 decision not to impose a cut in oil output despite plummeting oil prices amid a glut of shale oil............................................Full Article: Source
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