Saturday, April 17, 2004

Color me unsurprised

Remember when OPEC said they were cutting production? Nobody believed them - "the cartel is historically undisciplined" - and with good cause. From Reuters: OPEC overproducing

Strong prices have given OPEC little incentive to cut supply from March levels, when production from the 10 members with quotas was around 2.6 million barrels per above the 23.5 million bpd ceiling that took effect this month.

Nice try, boys.

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