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Oil prices could plunge 30% if OPEC fails to act

OPEC and its allies are once again being forced to consider dramatic action to avert a crash in oil prices. The Saudi Arabia-led cartel and Russia (collectively called "OPEC+") are widely expected to announce in Vienna on Friday an agreement to extend production cuts designed to put a floor beneath prices. But a simple rollover of existing cuts by OPEC+ may not stanch a looming ocean of American oil expected to arrive next year. If OPEC+ fails to make these deeper production cuts, the world oil ...
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Added December 04, 2019
from CNN