December 30, 2024

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OPEC deal shows cartel’s resolve – and desperation

ALGIERS, Algeria – OPEC's unexpected agreement to trim production shows the cartel still has the resolve — and even desperation — to try to guide oil prices higher. But don't expect triple-digit crude anytime soon. Ministers from the oil cartel reached a preliminary deal Wednesday in Algeria to cut production for the first time since the global financial crisis eight years ago. The size of the cut was modest — to between 32.5 million and 33 million …

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