Oil markets are inching back into balance. Prices have edged above $50/B thanks to Opec’s proposed production cuts. But the jury is still out on the likelihood of serious Opec action to hasten rebalancing, let alone provide the further boost to prices many members are calling for. Kingpin Saudi Arabia has made it clear that it is acting to prevent prices from increasing too fast with its officials making statements seemingly aimed at dampening any short-term price gains.

Opec...