Last week, a Bloomberg energy journalist tweeted from Riyadh, wondering why there are no mass celebrations of the fact that Brent was coming closer to $60 a barrel. Now that the international benchmark has passed the $60 barrier, one could imagine the top OPEC men rejoicing, albeit in private, as this was the much-coveted price level the cartel was after from the start. Yet, this price level may provide an undesired outcome for OPEC, as some analysts have been warning for a while now. Here’s the danger: OPEC members have a history of cheating on production quotas. They’ve been cheating in this deal, too, with Saudi Arabia covering for them by pumping less than it agreed to. With Brent at $60, the temptation to cheat more may simply become too strong to resist. The latest to sound the alarm was Stephen Brennock, a PVM Oil Associates analyst. Speaking to […]