Oil prices are tumbling after headlines crossing the wires noting there are obstacles to an OPEC production cut.
WTI crude, the US benchmark, is down by 2.4% at $48.64 per barrel, while Brent crude oil, the international benchmark, is down by 2.2% at $49.50 per dollar as of 2:04 p.m. ET.
The Dow Jones wires reported that Iraq and Iran “refuse” to freeze output, which would throw a wrench into OPEC’s planned production limit.
Back in late September, the cartel reached an agreement at informal talks in Algeria to limit its production at its November policy meeting to a range of 32.5 million to 33 million barrels a day, down from today’s estimated level of 33.24 million barrels a day.
Some analysts have expressed doubts about this planned agreement.
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