How Likely Is An OPEC Deal Extension?

By Rakesh Upadhyay Damned if they do and damned if they don’t. This is OPEC’s precarious position after the recent fall in oil to below $50 per barrel. Oil prices will tank if OPEC says that they are not open to extending their production cuts for another six months. On the other hand, if prices remain low, OPEC only stands to lose market share to its competitors by continuing the production cuts. So what will they do? For the whole of last year, OPEC had been supporting prices on speculation of an impending production cut. In January of this year, the…

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