Why OPEC deal may not increase oil prices
Gleaning insight into the direction of the Organization of the Petroleum Exporting Countries is a favored parlor game of the oil markets, as evidenced by three separate incidents recently in which oil prices spiked on hopes of a production cut.
But faith in OPEC’s ability to prop up oil prices may prove fleeting, as the global energy markets weigh the possibility of an OPEC production deal against the onset of new output by Iran and cash-poor U.S. producers that can’t afford to stop pumping.
After reports surfaced Tuesday that Russia, Saudi Arabia, Qatar and Venezuela are poised to freeze... read more
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