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"OPEC isn't restricting production right now; pretty much everyone is working their capacity flat out," writes McCardle.
Yet, in the case of rice, an aim of protection is to keep the domestic price high by restricting production.
But if the climate talks in Paris in December are to have any meaning or purpose, they should abandon the self-defeating policy of addressing only consumption, and concentrate on restricting production.
But if they know that attempts to drive up prices by restricting production will be offset by increased releases from Western reserves, they will have less, not more, reason to keep oil off the market.
But it is also committed, rhetorically at least, both to state control and to a return to the policy of restricting production to bolster prices.The new contracts involve a calculated risk.
In the mid-1970s OPEC still had the power to force up prices by restricting production.
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But oil prices have risen because of OPEC's decision 16 months ago to restrict production, a restriction just now being lifted.
"Decision reached to restrict production of data to Moorestown and Cranbury stations," Sergeant Gilbert wrote.
Manufacturing output slumped in July at its fastest pace in a year as factories restricted production in the immediate aftermath of the Brexit vote.
Output has dropped at most oil companies in recent years, as big projects have been delayed and OPEC nations have restricted production to help prop up prices.
The final of five meetings to draft a global treaty to restrict production and use of 12 POP's is scheduled for next month in Johannesburg.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com