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Market MovementIs an oil price war looming?OPEC appears to have drawn a line in the sand with non-OPEC oil exporters, prompting the question of whether a market war is ahead. Click here to enlarge imageOil prices fell almost $4/bbl within a week of the Nov. 13 OPEC announcement that its members agreed to cut production by another 1.5 million b/d effective Jan. 1-but with a huge qualifier: only if non-OPEC oil exporters agree to cut their collective output by 500,000 b/d.Never before has OPEC called for a specific cut by non-OPEC exporters in a quid pro quo bid to enforce a production cut to bolster prices. Such agreements in the past have allowed non-OPEC exporters to voluntarily trim ou...

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