Why Hope Is Fading for OPEC Production Cuts This Week

Despite reports that Iraq will cooperate with OPEC to finalize a production deal, one analyst isn't confident that an agreement will be cemented during the cartel's meeting this week.
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Despite reports that Iraq will cooperate with OPEC to finalize a production deal, one analyst isn't confident that an agreement will be cemented during the cartel's meeting this week. "The devil is in the details," said Michael Ingram, a market analyst with BGC Partners, based in London. "I think not only will they fail to walk to the walk, they'll also manage to trip on their own shoe laces and fall flat on their face." Ingram also pointed to comments from Saudi Arabia's oil minister, saying the supply and demand discrepancies in the markets will balance out even without a deal, as a sign that a cuts aren't likely to come to fruition. TheStreet's Scott Gamm reports from Wall Street.