Amid weakening growth prospects for the major economies in 2024, expectations that the big oil producers will soon announce further production cuts had been the only thing keeping a floor under the price of oil lately. But that floor broke when OPEC unexpectedly announced that the meeting scheduled for Sunday, November 26, has been postponed to the following Thursday. Investors have interpreted this as a sign that there are growing differences within the alliance about whether or not additional production cuts are necessary. The likely scenario is that Saudi Arabia, who is the keenest to prevent prices from ... (full story)