Deja Vu: OPEC’s Recurring Oil Production Dilemma

Two conflicting reports about OPEC’s plans for oil production surfaced earlier this week–both citing unnamed sources. One set of sources claimed that Russia was considering an extension of the current oil production cuts beyond the end of June. The other set of sources said that Russia was planning to ease the cuts starting in July. This is a perfect illustration of the uncertainty reigning over oil markets. This uncertainty, however, needs to be mitigated, and the most likely one to do it would be the OPEC+ club, together accounting…