Raising oil production

Aglow with the apparent success of its Mar. 23 agreement to trim production, the Organization of Petroleum Exporting Countries should give thought to raising output when the time is right. No! That time is not now. But it will come, and OPEC officials need to acknowledge the inevitability of another market turn and think about how to respond. Quick swing The market swung quickly after OPEC agreed to reduce output by 1.7 million b/d in conjunction with cuts from nonmembers totaling 400,000 b/d. The agreement didn't take effect until Apr. 1. But by late March, benchmark crudes were trading $5/bbl higher than they had during their mid-February doldrums. In fact, t...

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