OPEC announced it would maintain oil production at 30M bbl/day, but do its quotas even matter any more? Capital Economics' Julian Jessop thinks not: "While it may be in the interests of the group as a whole to cap output and support prices, each individual member has an obvious incentive to sell as much oil as possible." Plus, as non-OPEC supply increases, compliance is likely to weaken further.
OPEC announced it would maintain oil production at 30M bbl/day, but do its quotas even matter...
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