There are two ways of looking at the OPEC meeting in Vienna, and neither is wrong. Firstly it was a success as the Saudis and Iranians managed to be relatively nice to each other, and secondly it was a failure because everybody can still pump as much oil as they feel like. The market expectations had been set so low for the Organization of the Petroleum Exporting Countries meeting yesterday in the Austrian capital that the positive view appears to be more common in the post-conference assessments. The April gathering in Doha, which included non-OPEC major Russia, was widely viewed as a debacle because the market had expected a production freeze to be agreed and instead they got an acrimonious breakdown between Gulf […]