This week opec and its allies, including Russia, succumbed to the slope once again. On October 4th, the very day the group confirmed its cuts until the end of the year at a meeting in Vienna, oil prices dropped by more than 5%, to $86 a barrel. Amid such volatility, pundits are debating where prices will go next. The bears reckon that crude will stay at this level until Christmas, or maybe even fall further. Meanwhile, bulls predict a rebound before too long; some still foresee triple digits before the festive season. This year Saudi Arabia and its allies in the Organisation of the Petroleum Exporting Countries (opec) have been trying to climb what seems like a particularly slippery slope. Despite production cuts, crude-oil prices, which exceeded $115 a barrel for much of June 2022, languished below $80 a year later. Why is the Oil falling despite the cut in production quantities ?

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