Why OPEC's gambit to raise oil prices might not work
- Written by Gürcan Gülen, Research Scientist, University of Texas at Austin
After months of speculation by oil market watchers, the Organization of the Petroleum Exporting Countries (OPEC) recently announced a six-month production cut of 1.2 million barrels per day (b/d) with the aim of driving up the price. It’s set to take effect on Jan. 1.
Saudi Arabia will be responsible for a little less than half of the total,...
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