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When in doubt, punt! Sometimes cutting seems to be the hardest word. OPEC bows to global economic pressure and the Kingdom of Saudi Arabia. The cartel, in the face of a growing global economic slowdown, opted not to cut production at their meeting yesterday. Instead the focus was on OPEC's compliance to the previous 4 million barrels or so of cuts. In fact compliance to current cuts is running close to 85%, a record for the notorious cheaters. So I guess the solution to OPEC and all their problems is to get compliance near 87%.
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