OPEC Fears Another Downturn In OilBy Nick Cunningham - Nov 08, 2018, 6:00 PM CST
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Oil prices have fallen so far in the past month that OPEC is clearly growing concerned about a downturn.
Saudi Arabia and Russia will explore the possibility of a production cut for 2019, a move intended to head off a renewed supply glut. Surging U.S. shale production, plus higher output from Russia, Saudi Arabia, the UAE, Iraq and Libya, has more than offset the declines from Iran, at least so far. Inventories have climbed sharply in the U.S., and shale production in recent months has exceeded expectations.