OPEC has fewer escape routes as Oil’s back in a bear market

#oilwire - #Oil’s back in a #bearmarket and #investors remain unmoved by last month’s agreement to prolong supply cuts , leaving #OPEC and its allies with few remaining tools to boost prices. As #SaudiArabia , #Russia and their allies reduce output , supply that’s beyond their control keeps rising. #Libya and #Nigeria -- OPEC members exempt from the curbs -- and #US #shale producers are resurgent , undermining efforts to tame a #global glut. Prices are back below where they were when OPEC first struck its historic deal last year. Cutting even deeper -- an idea rejected just a month ago -- still looks unlikely. For now at least , the #Saudi pledge to do “ whatever it takes” to stabilize #crude #oilprices looks like not much at all. Further curbs could be necessary , but reaching a conse