YOU cannot fault the Organisation of the Petroleum Exporting Countries for its communication. On May 3rd it and its allies (OPEC+), which supply 40% of the world’s crude oil, announced that they would crank up output by 411,000 barrels a day (b/d) in June—triple what analysts had expected, and equivalent to 0.4% of global demand. Global prices briefly sank below $60 a barrel, nearing four-year lows; they remain 6% below their level of April 28th, when rumours of a supply boost first emerged. In a statement, the group gave a straightforward reason for its decision: “healthy market fundamentals”.
