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With fate of supply cut agreement at stake, has OPEC lost its oil market grip?

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Listen: With fate of supply cut agreement at stake, has OPEC lost its oil market grip?

After weeks of uncertainty, OPEC and its allies will meet July 1 and 2 in Vienna and the fate of the 1.2 million b/d production cut agreement will be the key item on the agenda.

On today's Platts Capitol Crude, Spencer Dale, BP's chief economist, discusses the impact of the OPEC+ supply cut agreement on the global market, why demand means so much more than supply to oil prices and whether OPEC's influence is waning in the days of US shale oil.

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