The OPEC Oil Deal Sells Fake News for Real Money – Bloomberg View – Bloomberg News reported recently that Russia as a country made $6 billion just by talking to OPEC about cutting its oil output: News about the negotiations drove up the price. Now, Russia has agreed to a cut by 300,000 barrels per day by January “if technically possible.” It looks like a lot — a quarter of the total cut OPEC members have agreed among themselves — but then Russia’s output increased by 520,000 barrels a day between the end of August and the end of October, reaching an absolute record level. Russia has been making money on the increasing price while growing production — the best of both worlds thanks to some deft news manipulation and nothing else. Now, even if Russia cuts output by about 2.7 percent of the current level, as it has promised, it will still reap a profit if the price of crude holds at the current level — about 7 percent higher on Thursday morning than three days before.
Southern Poverty Law Center
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