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Opec’s non-decision over output at its 4 December meeting has been interpreted by the organization’s own members, and markets, as a production free-for-all. Oil prices have tanked. Brent was trading below $39/B, the lowest level in almost seven years, as MEES went to press. Gulf benchmark Oman, which is more typical of Opec’s core Gulf members’ crude exports, fell to just $35/B on 10 December.
Opec members can now expect to take in a mere $514bn in collective revenue for 2015, down by a whopping 47% or $451bn on 2014 (see tables). This is despite output having risen in the meantime (see p10).
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