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Monday, 5 December 2016

After two years, why an OPEC deal now? Kemp | Reuters

After two years, why an OPEC deal now? Kemp | Reuters:
"OPEC has finally agreed to cut production, but only after two years of fruitless negotiations. So what changed to make an agreement possible now, after it had eluded negotiators at previous OPEC meetings?

The intense diplomatic maneuvering behind the deal has been capably chronicled by my colleagues at Reuters (“How Putin, Khamenei and Saudi prince got OPEC deal done”), Bloomberg (“OPEC deal hinged on 2 a.m. phone call and it nearly failed”) and the Financial Times (“Saudi prince’s ambition for life beyond oil forces OPEC deal”).

The common theme in these accounts is the personal intervention of top political leaders, which overcame the obstacles which had stalled negotiations at technical level (“OPEC talks struggle with question of market share”, Reuters, Nov 24)."

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