Policing a deal The history of Opec has been a volatile one over the last thirty years with members finding it hard to strike agreements and stick to them for their collective benefit. The problem for the cartel has always been how to police any deal to cut oil production to prevent cheating by its more economically vulnerable members. Last year's planned 3m bpd production cut was believed to be widely ignored, especially by Latin American and African producers faced with a worsening economic crisis. But this time Opec says there will be no slackers. There are no fears this time about compliance.
Every country is willing to comply fully.
Analysts sceptical Industry analysts are more sceptical. OPEC has got some credibility back. Inflation fears However, this would hit consumers hard, perhaps rekindling inflation. City traders believe that any sustained increase in oil, the most important traded commodity, will put a damper on hopes for a subdued inflation outlook. Others say the potential inflation effects have been overstated.