OPEC’s oil price success could be its undoing

Higher oil prices will test OPEC’s discipline. A spell of bad winter weather in the US and recent unrest on the streets of Tehran have helped push the value of a barrel of Brent crude close to over $70 for the first time in three years. The strong start to the year may be good for public finances in the Middle East but it could also cause some awkward problems for the producer group. Compliance with another year of output cuts may come under pressure.