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Sunday, 4 December 2016

Opec doesn’t hold all the cards, even after its oil price deal | Business | The Guardian

Opec doesn’t hold all the cards, even after its oil price deal | Business | The Guardian:
"Two years of wrangling were needed before Saudi Arabia and the rest of the Opec oil cartel could agree a cut in production at its meeting in Vienna last week.

Ever since the collapse in crude prices in 2014, the big oil-producing countries have plotted a way to regain control and improve their battered finances. But agreeing which countries would bear the pain of the steepest production cuts had proved an insurmountable challenge.

That barrier proved less formidable once prices stayed persistently low into 2016. With a recovery in the crude market nowhere in sight, finally one member after another fell into line at Vienna – and crucially Russia, a non-Opec producer, agreed to a cut of its own."

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