US shale will put a cap on the oil price

Opec members are notorious for cheating on their production quotas. Indeed, cheating is so rife that 50% to 60% compliance is considered pretty good, says Spencer Jakab in The Wall Street Journal. But this time round the oil cartel’s discipline is better. According to JCB Energy, compliance with the cuts agreed late last year is around 88%.

That’s pretty good news for oil bulls, who have already seen the price more than double to $55 a barrel since early last year. Throw in a better outlook for demand as the US-led global economy is expected [...]

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