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Opec meeting risks being a non-event


If the Opec meeting fails and becomes an ambiguity, one can foresee the oil traders expressing their disappointment by pushing the price down as low as US$40 per barrel. Already, prices have fallen by 35% over the last eight weeks.

If the Opec meeting fails and becomes an ambiguity, one can foresee the oil traders expressing their disappointment by pushing the price down as low as US$40 per barrel. Already, prices have fallen by 35% over the last eight weeks.

THE price of oil has been on a roller-coaster ride over the past few years, falling from its 2014 peak before making a steady recovery earlier this year. Brent Crude, the major benchmark price for oil purchases worldwide, rose more than 20% in the first half of 2018, before hitting a four-year high of US$86.07 a barrel in early October.

Owing to the US sanctions on Iran, it saw the “Opec+” countries step up their oil production by around 1.2 million barrel per day (bpd) between May and October 2018.

Oil & Gas , Markets , Corporate News , Anthony Dass

   

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