OGJ NEWSLETTER

OPEC is struggling to shore up its crumbling price and production deal in the face of sliding oil prices. Intensive lobbying produced public assurances from U.A.E. and Kuwait that despite high crude output in May they would make production cuts agreed in Geneva. Trying to steady market nerves, Saudi Arabia said it had no intention of hiking flow beyond its new quota of 5.38 million b/d in retaliation for blatant cheating by other members.

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