When OPEC and Russia meet this weekend to review their strategy for clearing a global oil glut, they’ll face an unusual problem: it could be working just a bit too well.
As their output cuts, coupled with robust global demand, tighten the market, crude prices have soared to a three-year high near $70 a barrel. That’s prompted warnings -- from Iran’s oil minister to Goldman Sachs Group Inc. and even OPEC’s own analysts -- of a fresh surge in U.S. production, wrecking all of the group’s hard work.
