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Opec gambles against US tight oil amid low oil prices

They may not realise it yet, but the US’ tight oil producers are in a game of who-blinks-first with Opec

A few things are clearer after Opec secretary-general Abdalla El-Badri’s appearance at the Oil & Money conference in London on 29 October and his briefing to journalists there. 1. Barring another steep drop in the oil price in the next couple of weeks, Opec is highly unlikely to cut output at its meeting in Vienna on 27 November Saudi Arabia has already signalled to the market that it is reluctant to act alone to support prices. It has also spent recent weeks competing for market share with some local rivals, including Iraq and Kuwait. Judging from El-Badri’s words on 29 October, there is little push coming from the secretariat, either. He said the call on Opec next year would ran

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