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Opec strategy to go full throttle begins to backfire

Thursday, August 20, 2015 - 05:50

Stacked rigs at a depot in Dickinson, North Dakota. American oil production has stubbornly refused to buckle despite the Opec plan to squeeze rivals led by US shale drillers.

New York

THE costs of Opec's plan to protect members' share of the oil market by out-producing rivals are mounting.

As oil prices slump to six-year lows, the risks of worsening political turmoil are rising in the organisation's most vulnerable nations.  This includes Algeria, Iraq

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