OPEC in disarray ahead of next meeting?

The Organization of Petroleum Exporting Countries' decision at their last ministerial meeting to cut production quotas by 900,000 b/d, effective Nov. 1, took the market by surprise. Many analysts had been arguing against a cut, claiming that stock levels were too low and that such a move could skyrocket oil prices in the fourth quarter. But burgeoning output from Iraq and Russia spooked OPEC into observing the precautionary principle on price defense. The result: Oil prices are still within a couple of dollars where they were when the cuts were announced.Now some analysts are beginning to warn darkly of a need for OPEC to cut production early next year to avoid a price collapse. Will ...

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