OPEC’s Relevance Isn’t Fading—Yet

Two months from now, OPEC+ is supposed to start unwinding the oil production cuts it agreed in 2022 and aimed at keeping the price of oil palatable for the members of the group. The start of unwinding is not a certainty, however. To some, this is a sign of OPEC’s growing irrelevance. In reality, that’s wishful thinking. OPEC+ has been withholding over 5 million barrels daily in crude oil production for three years now. It had scheduled a gradual relaxation of these cuts aimed at restoring output without tanking prices. That relaxation…