OPEC+ Learns From the Past as New Oil Cutbacks Hit the Mark - Bloomberg

OPEC+ Learns From the Past as New Oil Cutbacks Hit the Mark - Bloomberg:

If there’s one conclusion to be drawn from oil’s return to $70 a barrel, it’s that OPEC has learned from its mistakes.

 Crude’s rally to a four-month high has largely been driven by production cuts by the Organization of Petroleum Exporting Countries and its partners, a coalition that pumps about half of the world’s oil. It’s a strategy they previously deployed in 2017 -- but whereas that effort initially struggled, this time the impact has been almost immediate.

The alliance’s greater success reflects how its de-facto leader, Saudi Arabia, has learned from errors made two years ago. The kingdom has honed its implementation -- making the cutbacks more proactive, deeper, and focusing them specifically on the market that matters most.