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Oil Prices Could Dive to US$40/bbl if OPEC Fully Lifts Production Cuts, Say Analysts
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Market participants indicated that oil prices could experience a nosedive if the Organization of the Petroleum Exporting Countries and its allies, the group known as OPEC+, lift the current production cuts, according to foreign media. The report quoted Tom Kloza, global head of energy analysis at OPIS, as saying that if OPEC fully lifts the production cuts without reaching any agreement to limit production, crude oil prices could fall to US$30 or US$40 per barrel. A drop to US$40 would mean a 40% slump from current levels. However, some analysts pointed out that OPEC+ is more likely to gradually lift the production cuts early next year rather than doing so fully and immediately. AAStocks Financial News |
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