Opec+ is on track to hibernate

Oil fields at risk: A file picture shows a worker checking valves at the Al-Sheiba oil refinery in the southern Iraqi city of Basra. Almost 90% of Iraq’s oil exports come from fields in the southern part of the country and could be at risk if the unrest spreads. — Reuters

In less than two weeks, the Orgnaisation of Petroleum Exporting Countries (Opec) and its allies are due to meet to decide on the next phase of their deal for managing the supply of crude oil, and therefore its price.

Expect them to decide to do nothing for another six months, kicking the can further down the road even though their own forecasts show a need for deeper cuts to balance the market.