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KEP - Korea Refining/Chemical/Batteries: A Crude Game Of Chicken In The Oil Market Begins
Korea Electric Power Corporation
Competition rekindling in the crude oil market; oil prices to remain weak
It was November 30, 2016 when OPEC and non-OPEC countries including Russia agreed to lower oil production. It was the first agreement of the sort in eight years, which signaled the era of a new cartel. This time, however, the oil market has entered a period of intense competition again with OPEC and Russia failing to reach an agreement over oil production cuts.
In the OPEC meeting, it was proposed that OPEC members cut 1.0MBPD and Non-OPEC producers 0.5MBPD. The proposal failed to