OPEC Plus? Start Thinking OPEC Minus
- Four Middle Eastern countries can pump beyond their baselines
- Most other producers can’t meet their OPEC+ baselines
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The Organization of Petroleum Exporting Countries has taken many forms down the decades, with oil-producing countries joining and then leaving the cartel, and grand alliances formed to shore up crude markets.
The next iteration might come to be remembered as ‘OPEC Minus’, writes Bloomberg oil strategist Julian Lee.