When OPEC members agreed last November to limit the group's oil production to 18.5 million bbl. per day in hopes of boosting prices, veteran oilmen were skeptical. Previous all-for-one pacts had crumbled when members secretly exceeded their quotas. This time producers are still cheating, but considerably less than most experts had expected. Oil-industry analysts estimate that OPEC is producing just 1 million bbl. per day more than the quota. As a result, OPEC's relative restraint is sparking a rally in the oil markets. The price of West Texas intermediate, a benchmark crude, reached $19.26 per bbl. last week, vs. less than...
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