No 20



OPEC Agreement Something Of A Muddle, Says IEA

The latest OPEC production agreement of 24 April was something of a muddle, according to the IEA, with the organization announcing it would raise quotas by 900,000 b/d from 1 June but cut actual production by 2mn b/d effective the same date (MEES, 28 April). In its latest monthly Oil Market Report, published on 13 May, the IEA says: In effect the organization hoped to legitimize over-production versus the February...