OPEC backing into a 'bear trap' again?

This time, Saudi Arabia got its way on boosting quotas to match production. Is it a case of eating one's cake and having it too?That might seem so, considering that the Dec. 12 agreement in Vienna among the ministers representing the Organization of Petroleum Exporting Countries seeks to boost quotas while cutting production.For some, OPEC's decision to boost its collective quota by 1.3 million b/d of production while taking on the Saudis' admonition to cut output by 2 million b/d leaves an uneasy echo of December 1997 in Jakarta. The earlier effort to bring quotas in line with overproduction came when the market was already well-supplied and just ahead of the Asian economic d...

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