OPEC is unlikely to reverse any of the production cuts that it approved last year as growing production from non-cartel countries is on the rise, pressuring prices. The observation, made by BP’s chief economist Spencer Dale, could inject some optimism into oil markets, where many appeared to expect that the very mention of a possibility for a reversal makes that reversal a certainty. OPEC earlier this year said that given the right market conditions, it could begin to roll back the cuts—a total of 2.2 million barrels daily for the group…
