OPEC QUOTAS UNDERMINE OIL PRICES

Oil prices have fallen sharply since the Organization of Petroleum Exporting Countries decided on a rollover of members' production quotas into the third quarter. That raises concerns that the low ceiling is effectively an incentive to cheat. This fear was voiced by the Centre for Global Energy Studies (CGES), London, following the announcement that OPEC's quota will stay at 23.582 million b/d despite Kuwait's decision to act outside the agreement.

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