Jerome,

Ah, now, that's music to my ears.

I don't believe OPEC is "content" with the barrel above $50 but simply grandstanding, trying to preserve the illusion that they still have the situation in control.

It was so blatant that Saudi Arabia is already trying to backtrack.

Asked if Riyadh would carry on producing oil at current levels, Naimi said: "It depends on the customers. If nobody wants 9.5 (million bpd) we can't put it (in the market). If they want 9.5, it's there."

Like Saudi Arabia, OPEC president Kuwait is pumping above its quota. Asked if the Gulf state would produce to its limit, Oil Minister Sheikh Ahmad al-Fahd al-Sabah told reporters: "Yes, and over. We are trying to do maximum production."

Others struggle to meet their output allocation, however, leaving the total oil flow just 200,000 bpd above the ceiling. That is a drop in the ocean for the 84 million bpd global oil market, but analysts saw Monday's deal as a statement of intent.

Spare capacity?

If they want 9.5, it's there.

Yeah, sure, right. BS. It's not there. Period.