, Columnist
OPEC's Missed Opportunity
Memories of the last production free-for-all are weighing on the market.
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OPEC ministers failed in their attempt to convince the market that they have a plan when they agreed to extend output cuts for another nine months. The extension wasn't a problem -- it was the lack of a sense of what comes next.
By the time officials had retreated to their Vienna hotels on Thursday, or fled to the airport, the price of crude had fallen by 4 percent.