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Why Didn’t OPEC+ Raise Production Faster?
The headlines from the OPEC+ meeting yesterday were that the cartel agreed to keep its policy steady. And technically, that is true. The Organization agreed to raise production (specifically, ‘ease cuts’) by 400K, starting in April. This was a bit controversial in that the JMMC session just ahead of the meeting, ministers agreed to recommend a 432K bbl/day increase in production. An extra 32K bbl/day isn’t much in the grand scheme of things. This initially led some analysts to think that the cartel might be willing to start raising production faster given the high prices. The thing is, OPEC+ did agree to adjust ... (full story)