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Is OPEC about to make the biggest mistake of the year?

Complacency over extending crude production cuts could cost the organization dearly

| Russia, Caucasus
Saudi Arabia's King Salman, left, and Russian President Vladimir Putin attend a welcoming ceremony ahead of their talks in the Kremlin in October.   © Reuters

Less than two weeks before OPEC ministers gather in Vienna to decide the fate of crude production cuts beyond the March 2018 expiry of the current agreement, doubts have begun to surface about whether the organization will deliver on its promise. 

From Saudi Arabia and Russia reiterating their commitment to rebalancing the oil market when King Salman visited Moscow in early October, to Saudi energy minister Khalid al-Falih repeating his "whatever-it-takes" mantra at an investment conference in Riyadh later that month, OPEC has been telegraphing its intent of continued restraint.

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