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LONDON, United Kingdom (AFP) — OPEC secretary general Mohammed Barkindo welcomed Thursday the rebalancing of the world oil market, hinting the cartel would likely renew its output-cutting deal next month. Barkindo made the comments at the annual Oil & Money conference in London, before the latest production meeting of the 14-nation Organization of the Petroleum Exporting Countries (OPEC) in early November. “There is no doubt that the market is rebalancing at an accelerating pace — […]
by Roland Jackson LONDON, United Kingdom (AFP) — The oil market was gripped this week by an output freeze deal between the world’s top two producers Saudi Arabia and Russia. Prices initially rebounded on Tuesday, before hitting reverse as traders assessed the conditional agreement between Saudi Arabia and Russia and two other producers to limit output. In a bid to stabilize an oversupplied market, Russia and OPEC members Saudi Arabia, Venezuela and Qatar announced […]
