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OPEC Seen Holding the Line as $40 Oil Looms Over Vienna Meeting

It’ll take more than $40 crude to make OPEC change its mind, analysts said before the group’s Dec. 4 meeting in Vienna. (Bloomberg) — It’ll take more than $40 crude to make OPEC change its mind, analysts said before the group’s Dec. 4 meeting in Vienna. In the year since the Organization of Petroleum Exporting Countries chose to defend its market share, and let prices sink, a 44 percent plunge in crude has slashed members’ revenues by almost half a trillion dollars. Undeterred, the group will press on with its strategy to batter rival producers when ministers meet next week, according to 30 analysts and traders surveyed by Bloomberg. Saudi Arabia, OPEC’s biggest member, appears determined to see through its plan to eliminate a supply glut by squeezing out competitors like U.S. shale drillers, even as the resulting price collapse spurs dissent from Venezuela, Algeria and Iran. The kingdom’s […]

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The Climate Talks in Paris Might Actually Work This Time

Wind turbines and electricity pylons flank a coal-fired power plant in Germany. United Nations climate talks set to begin in Paris next week promise to produce a landmark deal that has eluded diplomats for more than two decades. All of the Group of 20 nations, including the biggest developing countries — China, India and Brazil — have prepared to limit emissions into the next decade. Plunging costs for wind and solar power mean alternatives to fossil fuels are more viable. At least 130 heads of government and state will descend on the city for the opening of the two-week conference on Monday as France’s biggest diplomatic gathering since 1948 coincides with a security lockdown spurred by the deadly Nov. 13 terrorist attacks . Thousands of of police and soldiers will be deployed, and planned demonstrations by environmental activists have been canceled due to the terror threat. While the fatal […]

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