Know thy enemy: The markets frustrate OPEC’s efforts to push up oil prices

Print section Print Rubric:  OPEC is fighting not just shale producers but the futures market—and losing Print Headline:  Know thy enemy Print Fly Title:  OPEC policy UK Only Article:  standard article Issue:  Why Israel needs a Palestinian state Fly Title:  Know thy enemy Main image:  20170520_FNP001_0.jpg BORROWING three words from Mario Draghi, the central banker who helped save the euro zone, Khalid al-Falih, Saudi Arabia’s energy minister, and his Russian counterpart, Alexander Novak, on May 15th promised to do “whatever it takes” to curb the glut in the global oil markets. Ahead of a May 25th meeting of OPEC, the oil producers’ cartel, they promised to extend cuts agreed last year by nine months, to March 2018, pushing oil prices up sharply, to around $50 a barrel. But to make the rally last, a more apt three-word phrase might be: “know thy enemy”. In two ...

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