Oil stocks and production

A subdued suggestion that global oil production be managed on the basis of reported inventory levels deserves more attention than it probably will receive. It came from an unidentified official of Saudi Arabia speaking in the press run-up to this week's meeting of the Organization of Petroleum Exporting Countries. The source-someone representing the world's premier oil producer and therefore OPEC's most important member-makes the idea especially intriguing.The suggestion acknowledges that OPEC's decision-makers, now basking in the success of last April's production cuts, need a beacon safer than price by which to navigate. Some OPEC members seem ready to follow rising ...

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