The OPEC+ cartel has just delivered a massive snub to Western governments facing the worst energy crisis in half a century.
Look past the buzzwords accompanying Wednesday¡¯s cut in oil production ¡ª preemptive move, uncertain outlook ¡ª and it¡¯s difficult to see the move as anything but an attack on a global economy that desperately needs the price of crude to remain subdued.
In all its history, OPEC ¡ª and its new incarnation, the OPEC+ alliance ¡ª has never curbed output so much, and so quickly. Triple-digit prices used to push the group into output-boost mode, not the reverse.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.