The OPEC+ group likes to blame everyone else for its problems. It needs to look in the mirror.
Gone With the Wind. Put oil speculators on notice? “Make my day,” the one-liner fromOn that very same popular culture vibe, the cinematic reference I think neatly describes the biggest ill afflicting the group now is a movie called. Since the beginning of the year, the OPEC+ countries that are subject to output caps have pumped together more than 600,000 barrels a day above their self-imposed limits.
OPEC+ likes to blame everyone else for its problems. Typical scapegoats include the news media, Wall Street analysts and speculators. But cheating is an own goal.is all about. If most OPEC+ members ignore what’s expected from them and do so increasingly and repeatedly, the temptation to cheat only grows. The more OPEC+ says it’s going to end cheating but doesn’t, the bigger the problem. Ultimately, the oil market will assume that this becomes standard practice.
On paper, it’s a great mechanism. In the past, cheating was always forgiven, so long as the sinners made promises of future compliance. Now they not only need to make the same pledges, but also do penance by lowering production to offset past misbehavior. The problem? The cheaters not only continue to cheat on their original quotas but also on the compensation quotas. Cheating on the anti-cheating.
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