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Commodities Corner: Doubts linger over OPEC’s preliminary deal on oil output

The Organization of the Petroleum Exporting Countries has a preliminary plan that would cap oil production slightly below its current pace, but traders are debating whether it will make a lasting difference.

“Any production restraint is a big deal,” said Phil Flynn, senior market analyst at Price Futures Group.

The 14-nation group of major oil producers is targeting a production cap that would hold output to between 32.5 million and 33 million barrels a day. OPEC’s latest monthly oil report pegged current member output at 33.24 million barrels a day. But the output agreement won’t be completed until at least Nov.

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