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COMMENTARY

Opec and allies under rising pressure to manage long-term output

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Opec and its allies don't need an exit strategy, but rather a long-term framework to manage restrained production growth.

THE battle between Opec and shale oil producers can be characterised as a two-round fight. In the first round, shale producers gained market share and the price of crude crashed. In the second, Opec curbed output as shale producers adapted to the lower prices.

Now, get ready for Round 3,

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