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After hitting nearly US$108/barrel inJune, the average Organization of Petroleum Exporting Countries’ (OPEC) reference price fell to just under US$76/ barrel last month. Despite the sharp fall though, OPEC decided to leave its output ceiling at 30 million barrels per day (b/d) at the meeting in Vienna last month – a notable departure from its traditional stance of cutting production in order to prevent prices from sliding further.
Source : Knight Frank
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