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OPEC's Sequel to Blockbuster Oil Deal Faces Struggle in 2019

  • Crude price slumped in two weeks since deal to cut supply
  • Saudi assurances on extending accord highlight the anxiety
Going Deeper
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OPEC’s bold strategy to revive oil markets proved a surprise success last year, but the sequel they’ve unveiled for 2019 is getting a cooler reception.

Oil prices have slumped in the two weeks since the cartel and its allies announced they will cut production to prevent a surplus, in contrast to the rally that greeted their previous intervention. From Wall Street oil-watchers to Russia’s central bank, speculation is growing that booming U.S. shale output and shaky fuel demand may thwart the coalition’s efforts.