OPEC FACES TEST, MEETS THURSDAY ON OIL PRICES

The Organisation of the Petroleum Exporting Countries (OPEC) is set to hold a very crucial meeting on Thursday to decide on new production cuts for member countries, as the cartel seeks to lift crude oil prices which have plunged by about one-third in value since June to about $80 a barrel.

If OPEC does not curb production, the price of crude is likely to drop into the $60 per barrel range and possibly lower.

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