New Oil Price War Looms As The OPEC Deal Falls Short

By Nick Cunningham Last November, OPEC orchestrated an impressive feat: corralling all (or nearly all) of its members to sign on to relatively aggressive production cut deal, and then actually convincing everyone to follow through on those reductions beginning in January. OPEC’s estimated 94 percent compliance rate defied the cartel’s own history of cheating and mistrust, and OPEC has taken around 1 million barrels of oil production per day off the market. They were initially rewarded for this. Oil prices rallied more than 20 percent in the month after…

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