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Energy & precious metals - weekly review and outlook
By the time you read this, OPEC would have probably decided, even announced, new production levels meant to seize pricing of oil back from the hands of short-sellers who’ve driven the group nuts this year in trying to keep a barrel at $80 or more. Oil revenue is the lifeblood of the economies in OPEC, or the Organization of the Petroleum Exporting Countries, a 13-member Saudi-led group whose main objective is to be the price-setter of the commodity. Ten other oil-producing states, including Russia, that aren’t OPEC members also keep their output closely in line with the group’s for the sake of price. The ... (full story)