Why a Production Deal Matters More for OPEC Than for Oil Prices

The significance of a production deal following this week's OPEC meeting matters more for the cartel itself, according to one analyst.
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The significance of a production deal following this week's OPEC meeting matters more for the cartel itself, rather than prices, according to one analyst. "OPEC has to show from this meeting that they have a function, that they're able to affect output and price," said James Hughes, chief market analyst at GKFX, based in London. "I think it's more important for OPEC to show that they can get a deal done, rather than the deal itself." A decision on such production cuts is expected Wednesday. TheStreet's Scott Gamm reports from Wall Street.