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Oil Man Who Foresaw Crash Sees OPEC Uniting in Self-Interest

  • Group will probably agree on output cuts in Nov.: PIRA’s Ross
  • Prices could drop to $35 if no deal; $60 seen if deal reached
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Oil Near 2-Month Low as Supply Swells

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OPEC members need to stop bickering over output curbs or risk the group becoming irrelevant to global oil markets, according to an analyst who predicted the biggest price crash in a generation.

It’s in the interest of all producers to reach a deal that’s aimed at stabilizing prices, which are 61 percent lower than their 2014-highs, said Gary Ross, executive chairman at PIRA Energy Group, which is now a part of S&P Global Platts. A failure to implement an agreement could drag down crude to as low as $35 a barrel, while success at the group’s meeting later this month may push oil to $60, almost 35 percent higher than current levels, he said.