, Columnist
Oil's Promised Land Slips Away on OPEC Leaks
Iran and Iraq keep pumping while Trump forebodes a shale gale.
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It's just one month into OPEC's deal to cut production, and this could be as good as it gets for the group's attempt to rebalance the market. Rising output from those not included in the accord and from the U.S. is already undermining the effectiveness of the deal. The prospect for this leakage to worsen means we may now be seeing the beginning of the end of the march upward in prices.
When 10 OPEC members agreed on Nov. 30 to cut their combined output by around 1.2 million barrels a day, that target included an exception for Libya, Nigeria and Iran.