Oil price speculation a chicken-or-egg dilemma

The oil market's response to the expected announcement of production quota cuts by the Organization of Petroleum Exporting Countries seems, at first blush, to validate what the group has been saying: that persistently high oil prices are the result of factors to a large extent outside its members' control.While drawing up plans for another quota cut, by 1 million b/d effective Apr. 1, OPEC members—notably traditional price moderate Saudi Arabia—have cited concerns over a misread of the market that holds that overall oil inventories are more plentiful than is widely believed. The group also has pointed to the relative tightness of availability of light, sweet crudes on ...

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