OPEC and Allies Part Ways on Oil Cuts
By Brian Wingfield, Samuel Dodge and Cedric Sam
Updated: August 15, 2018
OPEC and its allies agreed to boost crude oil production starting in July, but it seems only the latter group really got the memo. While OPEC’s output rose slightly last month, non-OPEC producers led by Russia opened the taps. More than a year-and-a-half after establishing supply cuts to balance the market, the two groups are moving further apart in their approach to that effort.