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An Opec oil cut more face-saving than meaningful move: analysts

"If Opec fails, they will be The Boy Who Cried Wolf, Bill Buckner and the Mayweather-Pacquiao fight all rolled into one. Additionally, Opec would lose jawboning power immediately and be on its way to dissolution while members are locked in a crude production arms race." - Macquarie


ALTHOUGH doubts existed over whether Opec, including regional foes Saudi Arabia and Iran, could agree on the mechanism of a cut, many market watchers believed last week a deal would be struck if only to save the group's credibility.

But the chances of an agreement declined...

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