Opec unlikely to succeed in boosting oil prices

THE upcoming meeting of the Organization of Petroleum Exporting Countries (Opec) in Vienna on Nov 27 has been billed as likely to be one of its toughest yet, and with good reason. Whatever happens at the meeting, there is little prospect that the cartel's fortunes will revive anytime soon. And while that is, of course, not good for Opec, it would be a net positive for the global economy.

Oil prices, currently at less than US$80 per barrel for Brent crude, are at four-year lows. The decline (about...


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