OPEC's Job Just Got a Lot Tougher

In contrast to the fireworks at some recent OPEC meetings, this week’s gathering in Vienna looks comparatively dull. Before it even began, members of the Organization of Petroleum Exporting Countries had made clear that they intended to continue the production cuts from late last year; on Thursday, they agreed to do so until at least next March. OPEC nations, along with the 11 non-members who joined them in these cuts, had little real choice. The extension was already priced into the market; had they decided otherwise, oil prices would have swooned.