Liam Denning, Columnist

OPEC’s Doctrine of Mutually Reassured Destruction

A new agreement reinforces that the group has limited, bad options for managing the oil market.

June 8, 2020 at 12:28 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

Out of options.
Photographer: Bloomberg/Bloomberg

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OPEC+ has a new sheriff in town, apparently.

After the debacle of early March, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman has seemingly imposed order on his unruly posse, securing an extension of deep supply cuts. Most notably, habitual target busters such as Iraq will now be held to account by having to make up any lack of discipline with deeper cuts down the road.