Oil's Slump Spurs Talk of Another OPEC U-Turn - Bloomberg:
OPEC is enduring one of the most head-spinning years in its history, swerving from cutting oil production to boosting it as quickly as possible. It may need to reverse course again.
Saudi Arabia and other producers gathering in Abu Dhabi this weekend face a worrying prospect: Even though U.S. sanctions on Iran are removing significant amounts of crude from world markets, a fresh surge of American shale oil threatens to unleash a new surplus in 2019.
Crude prices already reflect these concerns. Brent for January delivery has retreated about 17 percent from a four-year high reached in early October. The Organization of Petroleum Exporting Countries and its allies are showing they’re worried, signaling last month that they might need to dial back near-record output levels.
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