Can OPEC Resist The Temptation To Cheat?

By Gregory Brew OPEC’s monthly report for February was released Tuesday morning, and total output appears to have fallen from 32.097 million bpd in January to 31.958 million bpd. Members which agreed to the production freeze and cuts were able to reduce production from 29.9 million to 29.7 million bpd, with Iraq and the UAE continuing to pump above agreed-upon levels, exceeding quotas by 63,000 and 51,000 bpd, respectively. This is pretty good news, but in light of last week’s massive U.S. inventories and the subsequent decline in prices from $54 to…

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