OPEC heavyweights are cheating on their targets
That is tamping down global oil prices
The Organisation of the Petroleum Exporting Countries (OPEC) and its allies, a group that produces 40% of the world’s crude, wants to keep oil prices high and stable. Lately they have certainly been stable, if not very high. Despite the recent death of Iran’s president and the escalating war in Gaza, prices of Brent crude, the global benchmark, have stayed within $2 of $82 a barrel since the start of May.
This article appeared in the Finance & economics section of the print edition under the headline “In the shadows”
Finance & economics June 1st 2024
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