But as the November 30 meeting draws near, oil prices have begun to rally on the back of a growing geopolitical risk premium as tensions rise in the Middle East. In addition, signs of a tighter oil market and of “ steadily returning ” stability, as OPEC loves to put it, have pushed oil prices to their highest levels in more than two years. Now it’s those higher oil prices—with Brent trading above $60 a barrel for more than three weeks in a row—that may unravel the OPEC production cut unity and the cartel’s pact with the non-OPEC producers led by Russia. As they meet in Vienna next week, OPEC and friends face the dilemma of managing (and meeting) market expectations without allowing too much optimism that would boost U.S. shale. A nine-month extension—which was almost a certainty one or two months ago and which has been largely priced […]