Oil futures lost more steam Tuesday on doubts the Organization of the Petroleum Exporting Countries will dole out any strong measures to enforce production caps at their ongoing meeting.
OPEC officials have said the purpose of the two-day gathering, which wraps Tuesday, is to discuss ways to improve compliance level to the deal, which went into effect in January in hopes of reducing historically high global stockpiles of crude.
But various data have shown that some member states haven’t abided by their assigned production level, and small countries such as Ecuador have pushed back, arguing that capping output is hitting their economies.
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Craig Erlam
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