OPEC’s ability to balance the market has many naysayers amid stubborn stockpiles, rising US production and the same old tactics of output quotas that typically sooner than later fall apart. But this producer pact is a very different phenomenon: one that doesn’t just have non- OPEC countries on board, but has organized joint monitoring committees to fully track compliance with production cuts and a strong collective communication (including regular technical meetings and ministerial dialogues). This has fostered a sense of togetherness among oil producers that usually are more interested in competing for market share.
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