Speaking of production quotas, it inevitably reminds people of the 1980s. Back then, the oil minister of the UAE, Mana al-Otaiba, wrote a poem that satirized the chaos of quotas—what was promised as production cuts turned out to be something entirely different in reality.

Decades have passed, and OPEC+ still faces the same old problem today: a crisis of trust. How much do the figures reported by member countries differ from the actual production levels? No one can say for sure.

Today's meeting can be seen as a starting point. They need to renegotiate the quota allocation plan. Ideally, they should finalize next year's quota and not drag it out until 2027—now that would truly be a joke. What the market needs most right now is a credible commitment, isn't it?

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just_another_fish

· 11h ago

It's already 2024 and they are still playing this trap, OPEC+ really hasn't made any progress at all. The promised production cuts are just for show, how long are they going to play these numerical games? Haven't they gotten tired of it after decades? Are we really going to have to wait until 2027 for a decision? It's laughable, by then oil prices will have already skyrocketed. These people just don't trust each other, and the quotas are practically meaningless, yet the market is still relying on them. That's how the oil game goes, everyone wants to dig more, and the protocol is just for decoration. It's just a matter of mutual blame, it can take several months to get any results.

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RektRecorder

· 11h ago

Decades later, still playing the same trap, OPEC+ is really something, the promised papers aren't even enough to wipe.

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ShadowStaker

· 11h ago

ngl, same governance theater we've seen forever. numbers don't match reality, surprise surprise. trust metrics in opec+ basically zero at this point.

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LiquidityWitch

· 12h ago

Haha, it's the same old Crisis of Confidence again, playing the same tricks for decades. --- Who believes in the promised production limits? Anyway, they are secretly overproducing. --- Wait, is that satirical poem still around? I need to look for it. --- 2027? I think it will be directly 2030, these people just love to drag it out. --- The discrepancy in quota numbers is already common knowledge in the industry, so what’s there to discuss? --- Commitments needed by the market? Brother, don’t laugh, they can’t provide that. --- I remember now, this is why I still have faith in on-chain transactions; at least the ledger is clear.

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MidsommarWallet

· 12h ago

Laughing to death, after decades still playing this trap of digital games, OPEC+ really should learn how to keep promises.

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