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Confused OPEC Watchers Are More Divided Than Ever
To understand just how contentious next week's OPEC meeting will be, take a look at the confusion it's created among professionals paid to predict the outcome.
The 20 analysts surveyed this week by Bloomberg are perfectly divided, with half forecasting the Organization of Petroleum Exporting Countries will cut supply on Nov. 27 in Vienna to stem a plunge in prices while the other half expect no change. In the seven years since the surveys began, it's the first time participants were evenly split. The only episode that created a similar debate was the OPEC meeting in late 2007, when crude was soaring to a record.
SNB Can Take Further Steps to Defend Cap, Zurbruegg Says
The Swiss National Bank will defend its cap of 1.20 per euro on the franc and won't hesitate to enact supplementary measures, Governing Board Member Fritz Zurbruegg said.
"The SNB will continue to enforce the minimum exchange rate with the utmost determination," Zurbruegg said in a speech yesterday in Geneva, reiterating the stance taken by the central bank at its most recent policy decision. "To this end, it is prepared to purchase foreign exchange in unlimited quantities and to take further measures immediately if required."
Iran says will double oil exports in two months if sanctions end
Iran will double its oil exports within two months if sanctions against it end, Oil Minister Bijan Zanganeh told official news agency IRNA.
Zanganeh said he will talk with top oil exporter Saudi Arabia about market share when OPEC meets next week, IRNA said on Thursday.
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