OPEC sits on its hands as oil prices near $40 a barrel

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A renewed fall in oil prices is good news for the balance sheets of shipping companies and airlines, but a plunge in the value of the black stuff is a serious problem for the economies of oil producing economies and ultimately their consumers who will no longer be able to afford non-essential imports.

In this update from Ship&Bunker it seems that OPEC is still unwilling to cut production to ease the glut of oil that is driving down prices of the ...