Oil Slumps Again… Will OPEC Act?

Saudi Aramco has fully restored the damaged production from the Abqaiq and Khurais facilities from just a few weeks ago, an impressive turnaround in such a short period of time. But now, Riyadh faces another challenge that could prove more daunting. The oil market has demonstrated its inability to sustain a price rally as market traders are giving no premium to geopolitical risk. Instead, weak demand dominates, and oversupply looms. Brent fell below $60 per barrel this week as a wave of dismal economic news deepened fears of a global economic slowdown.…