OPEC caution on output hike warranted

The latest meeting of the Organization of Petroleum Exporting Countries ministers proved uneventful, as predicted.As expected, OPEC rolled over its quotas for another quarter. The ministers shrugged off the decisions of Russia and Norway to abandon their collaborative production restraint. Also as expected, Venezuelan Energy and Mines Minister Alvaro Silva was elected to fill out the remaining term of OPEC Sec. Gen. Alí Rodríguez Araque-who is stepping down to take over troubled Venezuelan state oil company Petroleos de Venezuela SA. While predictable, these events were nonetheless significant because of the questions buzzing around them.OPEC vs. non-OPECShortly before the O...

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