OPEC's quota accord

The oil market now depends on weather and the president of Iraq.The Organization of Petroleum Exporting Countries didn't do enough last week to realign the supply of oil with demand. The 800,000 b/d quota increase OPEC ministers announced after their brief meeting in Vienna won't replenish global oil inventories, which are now abysmal. It won't even balance the market at recently projected levels of demand for the year's fourth quarter. Price will have to do the job. If weather is normal, oil consumers in the Northern Hemisphere face a long winter.The arithmeticArithmetic makes the predicament clear. In August, the International Energy Agency projected average fourth-quart...

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