Edward Conard

Top Ten New York Times Bestselling Author

  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “Unintended Consequences should be read by anyone who takes for granted the superiority of progressive taxation and has not thought carefully about the trade-offs involved.” - The New Republic
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “Unintended Consequences is full of substance, it is one of the must-read books of the year, and once I finish it I will be giving it a second read through right away.” - Tyler Cowen, Professor, George Mason University
  • “Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
Upside of Inequality Oxford Unintended Consequences

AI Summary. Saudi Arabia and Russia are cutting oil output by 1m and 300,000 barrels a day respectively, with the rest of the OPEC+ group contributing another 3.7m b/d in cuts. Falling oil prices reflect expectations of slowing global demand tied to concerns about China's economy, reduced geopolitical risk, and higher output from the US, Brazil, and Guyana.

Economist Staff The Economist
Date Posted:

OPEC+ production cuts have yet to stabilize the price of oil which has fallen over 15% since the cuts. The market does not seem to believe that a newly expanded OPEC can credibly enforce cuts.

Are oil production cuts failing to lift prices?

Core argument: Saudi Arabia is cutting 1m barrels a day and Russia 300,000 b/d, with the rest of OPEC+ together contributing another 3.7m b/d in cuts.

Saudi Arabia and Russia are leading the way, with cuts of 1m barrels a day and 300,000 b/d respectively; the rest of OPEC+ is together contributing another 3.7m b/d in cuts. Recent oil-price drops reflect both expectations of slowing global demand, influenced by concerns over China’s economy, and the fact that geopolitical risk has fallen: few now expect the war in Gaza to turn into a broader regional conflict. At the same time, other producers, including America, Brazil, and Guyana, have increased output, making up for OPEC+ cuts.

Takeaways by Macro Roundup® AI

  1. Saudi Arabia is cutting 1m barrels a day and Russia 300,000 b/d, with the rest of OPEC+ together contributing another 3.7m b/d in cuts.
  2. Oil-price declines reflect expectations of slowing global demand tied to concerns over China's economy, alongside falling geopolitical risk as few expect the war in Gaza to widen into a regional conflict.
  3. Output increases from producers including America, Brazil, and Guyana have made up for the OPEC+ cuts.

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