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OPEC Deal Can Work, But ‘We Tend to Cheat,’ Al-Naimi Says

  • OPEC agreed to cut production by 1.2 million barrels a day
  • Success of OPEC agreement ‘remains to be seen,’ Naimi said
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Oil Price Risk and Reward for the U.S. Economy

OPEC’s agreement to cut production for the first time in eight years has the potential to balance the oil market, as long as everyone sticks to it, former Saudi Arabia Oil Minister Ali al-Naimi said.

"The only tool they have is to constrain production," al-Naimi said of OPEC at an event in Washington, D.C. "The unfortunate part is we tend to cheat."