OPEC grapples with a precariously balanced oil market

OIL ANDOPECOPEC+ philosophy rarely mix. But when David Fyfe of Argus Media, a publisher, calls production quotas set by the Organisation of Petroleum Exporting Countries () and its allies a “Platonic ideal”—more of a theoretical model than a practical guide—he captures the sense of self-doubt now gripping energy markets. Every month since July, the group has agreed to raise its output by 400,000 barrels per day (bpd). But experts cannot decide whether that is too little or too much—and whether the target means much at all.The cartel’s latest meeting, on February 2nd, took place against the backdrop of heightened fears about a (Russia, the world’s second-biggest oil exporter, is a member of the extended cartel, known as ). Only the week before the price of a barrel of Brent crude had spiked above $90, its highest level in seven years. The alliance promised to raise output again, by the usual amount. That calmed markets a bit. The question is what happens next.