OPEC has reached an agreement to cut its oil output by almost 1.2 million barrels per day and been rewarded with an increase in nearby futures prices of around $5 per barrel. Saudi Arabia is likely to provide around half of the real cuts, and its Gulf allies most of the rest, with a high degree of expected non-compliance by other OPEC and non-OPEC countries. Past experience shows Saudi Arabia and its allies have usually done almost all the real cutting while other OPEC and non-OPEC members have been left to produce as much as they can. Nevertheless, the deal has enabled the Saudis to claim they are not shouldering […]