Ed Morse, the head of commodity research at Citigroup, believes that OPEC and Russia may reach an oil production reduction agreement. The price of oil has dropped over the last few days after OPEC failed to agree on country quotas during their October 28-29 meeting in Vienna. Morse stated that output will need to be cut by at least 1 million barrels per day because of Libya’s and Nigeria’s recent production increases. Citigroup expects to see higher oil prices next year but believe higher prices will catalyze higher production.
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