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A US$70 oil floor? Fat chance, but Opec price plan may be first step

Mr Ramirez's proposal on oil price mechanism could be a catalyst for moving away from Opec's laissez faire approach to collapsing prices

New York

THE safe money for oil traders is betting that Venezuela's plan to resurrect Opec's old price band mechanism, attempting to set a US$70 floor for the battered market, will be doomed from the start.

Saudi Arabia, the de facto leader of Opec (Organization of the Petroleum