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Stability in the oil market remains elusive

But the tentative emergence of new structures of global governance could be the story of 2020

By Nick Butler  

US offshore oil production. photo: Nelson Doromal Jr/Zuma Press/PA Images

The past few weeks have witnessed remarkable instability in the oil market and a desperate international effort to remedy the situation. The deal reached last weekend between OPEC, Russia and other oil producers has not succeeded in lifting prices. That agreement, headlined as a cut of 10m barrels a day in production, includes all the previous cuts made since October 2018 which have been counted in to make the total sound larger. The actual additional reduction painfully agreed was…

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