Hangover Awaits as OPEC Celebrates Its Biggest Accord in Years
- Agreement to cut output will work only with self-compliance
- Unintended consequence: U.S. shale drillers will benefit, too
Oil Surges as OPEC Reaches Deal
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Let OPEC celebrate. For now.
The oil club is dizzy with its own success after a harmonious meeting in Vienna, where it surprised the world by agreeing to its first production cut in eight years. Oil prices up 10 percent? Check. Saudi Arabia and Iran in agreement? Check. OPEC and Russia working together? Check. After being left for dead, OPEC pulled it off once again.