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Opec must now plan for a retreat

The cartel must reckon with the new reality of an expanded energy universe.

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After almost a year of painfully low oil prices, Opec members are beginning to believe they are winning against upstart US shale producers in a short-term market share contest.

RECENT weeks have particularly been vicious in the crude oil market, humbling even those who have been dubbed "gods" in the game. Prices have slumped nearly a third since June when petrol demand has traditionally been strong.

The architects of the Organisation of Petroleum Exporting...

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