WTI oil prices have stabilized around the $75 mark. OPEC members are in a mad scramble to stabilize the market, engaging in shuttle diplomacy to formulate a plan ahead of the meeting next week. It is fairly clear that core OPEC members Saudi Arabia and Kuwait do not want to engage in a production cut, while a panicked Venezuela and Ecuador desperately want one. Of course, their plan would have Saudi Arabia shoulder the bulk of the cutbacks…
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