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OPEC will hold a special meeting Wednesday, without the usual fanfare


Don’t expect OPEC to raise a white flag

The Organization of the Petroleum Exporting Countries will hold a special meeting on Wednesday, but it hasn’t generated the usual fanfare—mostly because no one expects oil producers to do anything that will alleviate the pressure on oil prices.

Venezuela, hard hit by oil’s more than 50% drop since last summer, had been strongly pushing for an emergency OPEC meeting since at least August. But Saudi Arabia, the group’s largest producer, has been unwilling to significantly cut back output as its continues to fight for market share.

News emerged this month that OPEC will hold a “technical meeting” with its members and non-OPEC producers on Oct. 21, but it didn’t garner much more than a mention in most mainstream media. Oil futures were under pressure Monday after weak economic data from China.

Tyler Richey, co-editor of The 7:00’s Report, said he hadn’t really heard his colleagues or contacts discussing the news.

The oil market, however, had widely known for weeks that a meeting in late October was a...