OPEC Should Take The Win On Oil Price Stability

OPEC Should Take The Win On Oil Price Stability

Now that the October meeting of the OPEC+ Join Ministerial Meeting has ended, it is curious why the group's leaders, Russia and Saudi Arabia, haven't, for at least a moment, pointed out their win. After all, we are going on four months with exceptionally stable oil prices. Whether or not this is the work of OPEC—and there is a good argument that it is not entirely—OPEC has managed to succeed at one of its main goals. But instead of using this moment to focus on this accomplishment, the leaders from Russia and Saudi Arabia spent their time warning again about overhanging instability.

OPEC and its recent partners identified jointly by the OPEC+ name have two informal goals: 1) oil prices that are high enough to satisfy the members but not