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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (47230)	8/7/2018 2:10:46 PM
From: Goose94	Read Replies (1) of 203085

Crude Oil: In a surprise move, Saudi Arabia cut its oil production in July to 10.29 mb/d, down 200,000 bpd from a month earlier. The unexpected reduction came after Saudi Arabia reportedly could not find buyers for the price that it demanded, opting to cut output rather than offer discounts. The move indicates a desire by Riyadh to keep prices from falling from current levels. Reuters argues that oil policy is now being driven by Saudi Arabia and Russia, and OPEC, as we have known, is obsolete. “OPEC is no longer the primary decision-making forum for producing countries trying to coordinate policy on output and prices. Real decision-making power has passed from OPEC and its group of allies into the hands of Saudi Arabia and Russia,” Reuters wrote.

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