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An Iranian oil worker at a refinery south of Tehran, Dec. 22, 2014 (AP photo by Vahid Salemi).

Amid Rumors of Production Freeze, OPEC No Longer Holds Sway Over Oil Prices

Friday, Sept. 16, 2016

Since August, there have been growing rumors about an oil production freeze by major oil producers. The deal might be concluded on the sidelines of the International Energy Forum in Algeria from Sept. 26 to 28, where the Organization of Petroleum Exporting Countries (OPEC) will hold an informal gathering along with other producer countries, such as Russia. Seasoned oil market watchers will have a strong feeling of déjà vu.

Back in April, members of OPEC and Russia failed to hammer out an agreement to limit oil production at a meeting in Doha. The talks collapsed at the 11th hour after Saudi Arabia refused to sign a deal that did not also apply to Iran. Tehran had stated months in advance that it would not participate in a freeze at January production levels, arguing it needed to recapture market share lost while it was under international sanctions. ...

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