With its deal on barrel quotas, Opec is back on the radar – for now

Cuts of 4.5% in production mark a ‘historic moment’, says the organisation. Let’s judge in six months’ timeThere is life is the old cartel yet, it seems. A year ago, obituaries were being written for Opec when, despite much bullish talk, it couldn’t agree any production cuts. Now the 14 members – soon to be reduced to 13 as Indonesia sits out for a while – have agreed that 1.2m barrels a day will be removed, a reduction in Opec’s volumes of about 4