OPEC members need to stop bickering over output curbs or risk the group becoming irrelevant to global oil markets, according to an analyst who predicted the biggest price crash in a generation.
It's in the interest of all producers to reach a deal that's aimed at stabilizing prices, which are 61 percent lower than their 2014-highs, said Gary Ross, executive chairman at PIRA Energy Group, which is now a part of S&P Global Platts. A failure to implement an agreement could drag down crude to as low as USD 35 a barrel, while success at the group's meeting later this month may push oil to USD 60, almost 35 percent higher than current levels, he said.
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