Opec's next balancing act

The oil market is at a crux point as bullish and bearish forces battle to set the tone

After a long hot afternoon around a circular table in Algeria, Opec struck its deal with Russia to start cutting oil production. It was September 2016 and the agreement-the "Algiers Accord", as Opec now styles it—was the beginning of the end of the oil-price slump. The partners will ride back into Algiers again in the final week of September to honour the date. The deal has become central to Opec's branding under secretary-general Mohammad Barkindo. Celebrations are planned. The cutters have every reason to be pleased. The supply glut has been gone now for months. A barrel of Brent crude oil, about $55 two years ago, has traded above $70/b since mid-April 2018. Saudi Arabia is said to want t