Oil Traders Punish OPEC For Promising Too Much

As OPEC's latest meeting wrapped up in Vienna on Thursday night, ministers congratulated each other on its rare spirit of amity and consensus. The talks were, without a doubt, a success.
But two hours later, one veteran delegate was staring in despair at the numbers flashing red on his smartphone showing crude down some 5 percent to $51 a barrel. That is a disaster.

While OPEC has worked hard in recent years on improving communication to ensure the right message is delivered to financial markets, Thursday's experience showed the 14-member group and its non-OPEC allies still have a long way to go. The problem was not what was delivered, but what appeared to have been promised beforehand.

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