(Bloomberg) Hedge funds wagered correctly that OPEC wouldn’t act to support oil prices.
The Organization of Petroleum Exporting Countries gave no respite from the global oil glut that has driven crude to a six-year low. At its Dec. 4 meeting in Vienna, the group set aside the daily output target it had breached for 18 straight months. Members will keep pumping about 31.5 million barrels a day, OPEC President Emmanuel Ibe Kachikwu said. Iran, which plans to boost supply when sanctions are lifted, said the group effectively has no limit on output.
Speculators Win Betting on OPEC’s Willingness to Extend Oil Glut
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