On the Naughty Step

Today’s Opec Monthly Oil Market Report indicates an impressive over-compliance with pledged cuts. The compilation of secondary source assessments of February production puts it at 31.96mn b/d, down by 140,000 b/d on January, and well below the target 32.68mn b/d. That’s a cut of 2.13mn b/d, compared with a planned cut of 1.17mn b/d.

One swallow doesn’t make a summer – but a self-administered pat on the back would be excusable.

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A matter of speculation

Sharp-suited men in New York, spivs in the City, keyboard warriors in the Australian Outback, the whole global conspiracy of oil market speculators has been rebranded. No longer are they the spawn of the devil, but handmaiden to the achievement of what Opec secretary-general Mohammad Barkindo calls “our common goal of restoring market stability and reviving much needed investment”.

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