Speaking 12 months ago UAE Energy Minister Suhail al- Mazrouei, newly-installed as Opec President, flagged up 2018 as “the year of fully correcting the market” (MEES, 12 January 2018). But amid mid-year market tightening, Opec and its allies opted to release fresh volumes onto the market (see chart 1). Resultant late-year fears of a growing glut prompted a price collapse and forced a second round of output cuts that came into force this month. The seesaw highlights the difficult...