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Jakobsen on the near 'perfect storm' for the oil market

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There's almost a perfect storm for the oil market; that's according to Saxo Bank's Chief Economist, Steen Jakobsen. As OPEC meets in Vienna amid plunging crude prices, he says OPEC's diminished stature, more global producers and weaker demand will impact prices and producers well into next year. 
He has a warning that the oil sector impacts far more than many people realise. The oil industry, says Steen, needs to adapt to a 'new reality'. He also gives his thoughts on where the price of crude is heading next.