Six months on, after the turbulent events in the Middle East-North Africa region and the International Energy Agency's futile and self-damaging gesture with the drawdown of strategic oil inventories, it is beginning to look ever more doubtful that OPEC's "surplus extraction capacity" actually exists. If that is the case, global oil supply will simply not be able keep up with growing demand. I am sure that the gulf states, especially Saudi Arabia, UAE, Qatar, and Kuwait, appreciate the need to keep oil prices within a band that does not ruin the still-feeble economic growth of the Organization for Economic Cooperation and Development. But they appear helpless to demonstrate that ...