“Most notably, a unified cartel would help to install a floor in the market, as quantifiable measures should hold members accountable,” Croft said. While OPEC producers led by fiscally-sound states of Saudi Arabia has waged a market share war on non-OPEC producers since November 2014, they are now increasingly concerned about rising debt levels and stagnant domestic economies as oil prices remain stubbornly below US$50 per barrel. crude inventory levels and ahead of talks next week between OPEC and other oil producers on curbing oversupply that has haunted markets for more than two years. West Texas Intermediate crude benchmark was up 2.3 per cent to US$46.39 on Thursday, after a surprise drop in U.S. 28.Ī much-anticipated major oil price bump in the second half of the year has failed to materialize, confounding market observers including the International Energy Agency and most Wall Street banks. Article contentĪ number of energy ministers are heading to the Algerian capital Algiers to attend an international energy forum, and have agreed to hold an informal discussion on the sidelines on Sept. This advertisement has not loaded yet, but your article continues below.
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