Oil Market Turns Skeptical About OPEC’s Ability to Deliver Cuts
- Prices slide to near levels before Algiers accord on output
- OPEC and Russia boost production to record levels despite deal
Is OPEC's Credibility Crumbling?
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Oil bulls struck gold in late September, when prices surged due to an unexpected OPEC agreement in Algiers to cut crude production in an effort to steady global markets. Now the bulls are looking for more help from the producer club as prices slide. Here are signs of the market’s growing skepticism that a meaningful accord can be achieved.
Futures surged after the outline of a deal to limit collective production was set out in Algiers on Sept. 28. Now that rally has all but unraveled as the market looks for signs that the accord can be delivered.