Commodities Corner: Here’s what’s at stake in the oil market when OPEC and Russia meet next week

Achieving a balance in the oil markets is proving to be a challenge for the Organization of the Petroleum Exporting Countries and its allies, and they face their stiffest test yet when they meet in Vienna next week.

OPEC’s official meeting will be held on Dec. 6, and members of the group, along with some nonmembers, may agree on a production cut as the market reels from a more than 30% drop in prices over less than two months.

“Markets will be watching how OPEC will grapple with multiple threats to their efforts to keep prices buoyant,” says Peter Kiernan, lead energy analyst at forecasting and advisory services provider Economist Intelligence Unit.

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