The rent collectors

The winners of lottery jackpots sometimes talk as if their gains were a well-earned reward. Opec might be taking up a similar sort of self-righteousness. But while fortunate gamblers only sound foolish, the oil producers risk a painful revenge from the market. The main talking point at today’s Opec meeting will be the 15% drop in the oil price since August. Fair weather, rumours of future peace in Lebanon and Iran, flat demand and higher interest rates have frightened speculators. But for produc...