Opec bets on faster cutbacks by US shale drillers - and is winning

London

IF there ever was doubt about the strategy of the Organization of the Petroleum Exporting Countries (Opec), its wealthiest members are putting that issue to rest. Representatives of Saudi Arabia, the United Arab Emirates and Kuwait stressed a dozen times in the past six weeks that the group won't curb output to halt the biggest drop in crude since 2008. Qatar's estimate for the global oversupply is among the biggest of any oil-producing country.

These countries actually want - and are achieving - further price declines as part of an attempt to hasten cutbacks by US shale drillers, …