, Columnist
OPEC's Futile Freeze
An output freeze by OPEC would be an empty gesture
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Next month's gathering of oil ministers from OPEC and non-member countries is fixating traders. But the real re-balancing in the market is already underway -- and much of it is taking the form of involuntary production cuts from OPEC members.
Speculation that the meeting in Doha will lead to a production freeze has been a boon for oil, helping to drive a 40% rise in Brent since the idea was first mooted just over a month ago, to more than $42 a barrel.