Oil trader is bearish on crude oil prices in short term Iran, Iraq won’t cut production, Gunvor head of research says Gunvor Group Ltd., one of the four largest independent oil traders, doesn’t expect oil prices to push much above $50 a barrel for the next nine months as OPEC struggles to meet its goals for curbing production. The Organization of Petroleum Exporting Countries pledged in Algiers on Sept. 28 to reduce the group’s output to 32.5 million to 33 million barrels a day in a bid to shrink the world’s bloated oil stockpiles and boost prices. It set up a committee to divide up the necessary output cuts between members over the next two months, then make recommendations at its next meeting in Vienna on Nov. 30. OPEC’s production was stable at 33.5 million barrels a day last month, according to data from consultants JBC Energy GmbH. “I’m […]