OPEC Hedges Its Bets

OPEC has left its official production quota unchanged at 30mn barrels a day (b/d) despite a steep fall in oil prices over recent weeks. While the ceiling remains unchanged, the big swing producers Saudi Arabia, Kuwait and the UAE appear willing and able to adjust output in order to maintain 'market stability' around US$100/bbl. Given the myriad risks facing the oil market, that flexibility is probably just as well.

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