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Opec set to stand firm on oil price

Posted on 30 November 2015

The oil price stand-off is set to rage on after Opec’s forthcoming meeting on Friday, when lead member Saudi Arabia is expected to maintain the group’s high production target despite its detrimental effect on revenues. This time last year, the oil-producing cartel sent the markets into overdrive with its decision to maintain output, putting immense pressure on the price.
Brent crude fell from its heady highs of $115 a barrel in the summer of 2014 to a six-and-a-half year low of $42.69 in August and is currently languishing at around $45 a barrel. It has wiped half a trillion dollars off the collective revenues of Opec’s 12 members, which include Iran, Iraq and Libya………………………………………..Full Article: Source


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