Opec's narrowing options

An extension to the cuts may not help the group as much as it helps Texas

Opec meets this week in Vienna and for all the back-slapping about record-high compliance with its cuts, things are not going in the group's favour. Opening the taps, as it did in late 2014, brings weak prices and intolerable fiscal pain. Tightening supply, as it has done since January, can stop another price collapse but in reality it just subsidises American shale. For now, Opec is sticking with the second of the two bad options. Texas will be pleased. Surprises are unlikely at the meeting on 25 May. All Opec's signals to the market have been to expect a rollover of the cuts, possibly for another nine months (instead of six) or even a full year. Venezuela, as ever, would like everyone to s