for Vienna Group
Responding to a looming period of oversupply, OPEC and its non-OPEC allies agreed to cut production through the first half of 2018 of 1.2 million barrels per day.
OPEC itself is responsible for disrupting the investment cycle and eliminating the inventory overhang in record time. Asking them to fix the problems they caused is the wrong approach.
Two things to question no matter what the outcome: The assumption that a production agreement will benefit the market, and the promise that OPEC can moderate a price spike in the next year.