OPEC micromanagement bullish for oil prices

The June 11 Doha meeting of the Organization of Petroleum Exporting Countries yielded the strongest middle-to-longer-term evidence supporting a bullish oil price outlook yet this year.No, it wasn't the simple reaffirmation of maintaining existing production quotas, which was a widely predicted result. Equally predictable was the group's call for improved quota compliance, which is really tantamount to recognizing Saudi Arabia's limited tolerance for other members taking advantage of its role as the real swing supplier for oil markets.The clincher for longer-term support of a $25/bbl oil price (OPEC basket) was the assembled ministers agreeing to schedule another "extraordinary...

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