The markets have gone even madder than usual

Those of us who were brought up on the dogma that markets are always right (at least in the long run) are having a harder and harder time sticking to the faith.

Consider that OPEC's current infighting and disunity is supposed to mean the end of the quota system by which different countries have agreed how much oil they are going to produce.

That in turn means that Saudi Arabia and its allies are going to produce more than they did - which in turn means that the others too are going to produce more than they did - which will have the immediate consequence that the supply of oil will increase - which should of course mean a significant reduction in the price of oil.

But what has actually happened? The reverse! The oil price has actually shot up!!!

So much for faith in markets. Sphere: Related Content