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FT Alphaville has an interesting roundup of some of the reports that have surfaced following Wednesday's OPEC meeting in Vienna -- the one where members failed to agree on production changes, sending the price of crude oil up sharply.

While some observers have pointed out that OPEC is largely irrelevant, given that its members rarely abide by production quotas anyway, clearly there are some who believe that Wednesday's meeting represents an important shift in the way OPEC operates -- and that could drive oil prices higher.

From JBC Energy: "The lack of consensus in OPEC at its 159th Ministerial Conference yesterday in Vienna shows that there is no longer an agreement in place to maintain the price range of between USD 70 and 90, implying that expectations of rising oil prices are a reasonable assumption."

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