Contradictory Statements at the OPEC Meetings

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OPEC seems to be in more disarray than usual this week. After agreeing to hold an emergency session in Cairo on November 29th, contradictory statements by various oil ministers have started to emerge. Some say that a production cut will be decided upon at the Cairo meeting while others are saying that it is too early to make a decision and the next cut will come at the December meeting in Oran. One is saying that there will be small cuts at both meetings.

Talks with non-member oil producers, probably the Russians, are said to be on-going. It is hard to imagine any other major non-OPEC oil exporter such as Canada, Mexico, or Norway participating in an agreement to cut production along with OPEC