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Commodities Corner: OPEC delays output-cut decision, raising fears that oil producers won’t strike a deal

Members of the Organization of the Petroleum Exporting Countries on Thursday wrapped up their much-anticipated meeting without reaching an agreement on production cuts, postponing details on their decision until the group officially meets with nonmember oil producers Friday.

The cartel is expected to give further details on the size of a production cut on Friday, “but traders are sceptical it won’t be enough to prop up the price,” said David Madden, market analyst at CMC Markets.

Going into the meeting Thursday, “there was talk of a 1.4 million barrel cut, and it was reported that Saudi Arabia is keen for a cut of only 1 million barrels,” he said.

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