Lowered Expectations: OPEC Resigned to $50 Oil

by Benjamin Domenech on 9:34 am April 8, 2009

LONDON (Reuters) – OPEC’s lowered price ambitions mean the oil producers’ club is unlikely to meet promises to improve output discipline and the chances of a production cut when it meets next month are slim.

So far the Organization of the Petroleum Exporting Countries has delivered roughly 80 percent of its pledge to decrease output by a record 4.2 million barrels per day from September.

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