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OPEC alliance considers delay to its output hike, but faces a U.S. shale industry ‘itching to drill again’
Oil-producing group OPEC, and its allies, will likely delay an output hike at its meeting this week as it weighs positive vaccine news against new coronavirus lockdowns and resurgent shale drilling in the U.S. The coalition known as OPEC+, which comprises some of the world’s largest crude producers, will begin a two-day meeting Monday to discuss the next phase of its production policy. It agreed to the largest single output cut in history back in April, but that reduction of 9.7 million barrels per day was subsequently scaled back to 7.7 million in August. Taking oil off the market, with OPEC kingpin Saudi Arabia ... (full story)