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The headlines suggest a bold new era for the OPEC-plus cartel after members agreed to a historic supply cut deal of nearly 10 million barrels a day over the weekend to help offset colossal demand losses from the Covid-19 coronavirus.
Don’t believe the hype. There is no brave new future for the OPEC-plus alliance or managed oil markets. The global agreement to cut oil production is the beginning of the end for cartel-style managers.
April 23, 2024
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