Opec won’t cut production. Not even if oil barrel hits $20

oil prices

The Saudi minister, who is the most powerful voice within the Opec, pointed out that the oil producers cartel had changed its strategy from defending a certain price to focusing on retaining its market share.

Since Opec decided several weeks ago to keep pumping at a rate of 30m barrels per day (bpd), oil prices have plummeted and energy stocks have lost billions of dollars. Prices have fallen more than 45% since June.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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