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OPEC is Dead – Long Live the Free Markets?

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OPEC is really dead. These countries have been expanding their budgets assuming oil will only rise. Therefore, they now need the money and will increase production to meet the budget requirements. The UAE confirmed that OPEC will no longer move to shore up crude prices. The UAE instead said that the rising North American shale oil output needs to be curbed in order to support the market price. What goes up – goes down usually harder. Hello deflation.