Oil prices plunged on Friday after news broke that OPEC and its partners, including Russia, are considering allowing higher levels of oil production, which could mark the beginning of the end for the OPEC deal. With inventories back at average levels, potential outages in Iran and oil production in Venezuela falling fast, OPEC could be forced into action after repeatedly promising that the production limits would be kept in place through the end of the year. “We will ensure that the market remains in its trajectory towards rebalancing, but at the same time we will not over-correct,” Saudi oil minister Khalid al-Falih said, according to Bloomberg. The comments are notably different from just a few weeks ago when al-Falih dismissed concerns about higher oil prices. The exact details still need to be finalized, but the outlines of a potential change are visible. The losses from Venezuela mean that the […]