The Opec oil cartel yesterday decided against making a further round of supply cuts, signalling it would delay its goal of boosting oil prices to $75 a barrel at least until next year.
The decision marks a significant shift in the policy of Opec, which supplies about 40 per cent of the world’s oil. It highlights the cartel’s concern that more radical action could harm the fragile world economy. But it also reveals that some of Opec’s members would struggle politically and financially significantly to deepen the cuts they have already made.
