Back in business, probably
Opec will try to restore some control over oil markets in 2017. Quite how remains uncertain
Opec's informal get-together in Algiers in September proved a turning point. There is now consensus within the group on the desire for stable, higher oil prices - if not agreement on the means of achieving them. Opec's main task in 2017 is to restore the mechanism that has delivered oil-supply constraints in the past to full working order. That won't be easy. Few within the group welcome the return of individual production quotas. But, whether that unpopular nomenclature or another form of words is used, producers will have to adhere to some kind of national limit if a deal is to stand any chance of working. Market credibility must now be the priority. Any fudge that establishes a new collec
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