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OPEC edging toward compromise that would involve following quotas
The Wall Street Journal cites an official who says members may agree to follow current quotas more closely rather than cutting quotas. The problem with OPEC is that no one follows their quotas so production cuts are a fantasy. Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, is likely to side with calls for the group to adhere more closely to its self-imposed production ceiling at Thursday’s meeting of OPEC oil ministers, according to a Gulf official familiar with the Saudi position. Support for such a move, which would be based on tighter compliance with OPEC’s existing ... (full story)