[David Haffenreffer, Cnn Anchor:] A mixed picture today for the European stock markets. As we have been reporting through the course of the morning here on AHEAD OF THE CURVE, nine of the 11 OPEC nations have come together and agreed to that they would increase oil production in an effort to bring the world price of oil lower. Lionel Barber of the "Financial Times" standing by in London with more on this story and, I'm sure, a different view as the "Financial Times" normally has. Good morning, Lionel.
[Lionel Barber, News Editor, "financial Times":] Good morning.
[Haffenreffer:] What do you make of this latest oil situation with OPEC?
[Barber:] Well, we are going to run a very big analysis in tomorrow's paper on the OPEC situation. It's a fascinating geopolitical story, really, with the Iranians on one side against the Saudi Arabians who were pressing for a production increase under American pressure. And what we have here is really a split in OPEC. This wasn't necessarily expected beforehand. The questions we're going to ask: One, was the American diplomacy in the run-up to OPEC a little heavy-handed and put the Iranians in a very difficult position? Two, at what point do we think that the price fall will feed through to the pump that's expected? And I think there maybe not until the summer and also not by very much. Three, who is going to perhaps cheat on the quotas which have been agreed in Vienna? And I think there, because there's a difference in the production cut sorry, production increase, that leaves some ample scope for some skirting.
[Haffenreffer:] Are there's some notorius cheaters out there that are going to be watched and sort of kept an eye on and reported on by the "Financial Times"?
[Barber:] Well, this is a family news program, so I think probably I don't want to mention any names there, but I think usually when you have, well, what is a cartel operating, and you have a situation where the two producers, the big boys, are in dispute, that leaves a lot of room for shall we say, some of the smaller ones to have some fun at the expense on the quotas.
[Haffenreffer:] All right. Lionel Barber of the "Financial Times," thanks very much for the insights. We look forward to the piece and the coverage by the "Financial Times." Search CNN.com CNNSI.com CNNmoney.com The Web