Brent crude reached a six-year low of $41.30 a barrel yesterday as markets continue to doubt OPEC's unity following a tense bi-annual meeting.
After hours of debate, delegates at the meeting last Friday reported that the 13-member group could not agree on a production ceiling and dropped any reference to its existing 30 million barrel a day target from its official documentation. According to the Financial Times, Nigeria's new oil minister and OPEC president Emmanuel Kachikwu, proposed increasing the group's production ceiling to reflect current production, but the idea was quashed by Saudi Arabia. Investors have to accept oil market volatility is here to stay Following the meeting, OPEC's secretary-general Abdalla el Bad...
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