12.10.2016 - Oil record output underlines Opec’s struggle to raise prices
Impact of planned production cut ‘difficult to assess’, says International Energy Agency. The International Energy Agency has warned on the scale of the challenge facing Opec as it tries to raise oil prices, after the cartel’s production hit a record high in September and with demand growth continuing to slow. After last month’s agreement by Opec to curb output, oil prices rose above $53 a barrel to their highest in a year. However, the rally, which has reached 15 per cent since the meeting in Algiers, is vulnerable in a market that is awash with crude..............................................Full Article: Source
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