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OPEC and its allies, collectively known as OPEC+, have introduced cuts to oil quotas to maintain high prices. However, skepticism about the true level of OPEC+ output cuts threatens to undermine these efforts. Individual producers have incentives to cheat by selling above their quotas, free-riding on the efforts of others. The cartel's complex system of several rounds of official, voluntary, and compensatory production cuts has tied it in knots, making it difficult to enforce compliance. The goal is to keep oil trading near $100 a barrel, but the lack of a simpler and clearer system complicates this objective.
Skepticism about the true level of OPEC+ output cuts threatens to undermine the cartel's efforts to keep oil trading near $100 a barrel, writes @JavierBlas https://t.co/IKlse1gJFJ https://t.co/b7MD2h7WvA
COLUMN: In trying to impress the oil market by adding several rounds of cumulative official, voluntary, and compensatory production cuts, OPEC+ has tied itself in knots. The oil cartel needs a simpler and clearer system | #OOTT @Opinion https://t.co/N6fY0qcXSi
Skepticism about the true level of OPEC+ output cuts threatens to undermine the cartel's efforts to keep oil trading near $100 a barrel, writes @JavierBlas #OOTT https://t.co/QqAKpvX0sS via @opinion
