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How quickly things can change in oil markets. A month ago the industry was fixated on Iran sanctions, possible supply shortages and a lack of global spare production capacity issues that drove benchmark Brent oil prices over $86 a barrel in early October. Fast forward to now: Brent is down 20% to around $66 a barrel while US benchmark West Texas Intermediate (WTI) is at about $56 a barrel. Saudi Arabia is calling for 1 million barrels per day of production cuts from its OPEC peers and non-OPEC allies, led by Russia, from 2019. So what’s changed? A lot…………
Read more: https://www.forbes.com/sites/daneberhart/2018/11/16/the-quickly-changing-global-oil-markets/#1d36b9863cb2
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Category: Asia Business/Stocks, Business Hacks, business News, Content Marketing, Oil Market/opec, Stock Market Tools, Stock Market/Share Industry, Wall StreetTags: brent oil, global oil marlket, global oil production capacity, oil barrel, oil market, oil marketing, oil production change, oil stocks, The Quickly Changing Global Oil Markets
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