If producers’ cartel OPEC fails to delay a production hike then history suggests we could see a big fall in the commodity price
Thursday 22 Oct 2020 Author: Tom Sieber
The price of oil has proved resilient in recent months with the global benchmark Brent Crude still above the $40 per barrel mark it has largely held since the summer. However, the market now faces a key test as producers’ cartel OPEC and Russia announce their next big decision on production quotas. Output cuts of 7.7 million barrels of oil per day are scheduled to be tapered to 5.8...