It’s Cheatin’ Time For OPEC

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Remember the good old days when OPEC members would all agree to lower production but then all of them would cheat because they needed more revenue? Apparently those days are back:

The world’s largest oil exporter has told OPEC it cut output in July, according to delegates, but estimates from the U.S. government and independent agencies say it boosted production—amounting to a huge difference of as much as half a million barrels a day….According to New York-based S&P Global Platts, a provider of energy information, Saudi production increased to about 10.6 million barrels a day last month. The Energy Information Administration, a branch of the U.S. Department of Energy, arrived at the same estimate.

….Iraq, OPEC’s second largest producer, is also disputing independent assessments showing it only respected 12% of its agreed cuts in June. “We are going to refuse these figures,” Iraq’s State Oil Marketing Organization said in a letter to at least three independent agencies earlier this month.

So OPEC members are cheating on their quotas because they need the extra revenue. And anyway, the United States is probably pushing them to make up for cuts in Iranian production. “They are extending their hand of support to Trump,” says Iran’s OPEC envoy. “It’s a very hostile attitude against us.” Indeed it is.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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