Slippery gradients of oil price curve
The hopes of widely anticipated production increases by OPEC, in its meeting last week, have crashed as the cartel was split half-half on that proposal and the markets have rightly surged on that disappointment. The Saudis were the chief proponent of increases in supply to keep the world economies growing and, in fact, much before this meeting, they had been pumping more than 200,000 barrels a day over the agreed limit and would have increased it by a similar quantity if OPEC had decided on the increases.