Good morning. Kazakhstan overshot its Opec+ oil output limits, yet again. To what extent is Opec+’s poor organisation responsible for this year’s cheap oil prices? If Saudi Arabia gets tired of corralling its unruly bloc and abandons output caps altogether, will we have bad management to thank for cheap oil next year?

A quick plug: our colleagues will be hosting a Q&A at 10am Eastern/3pm UK time on how global trade and markets will be affected by a Trump presidency. Follow along at the bottom of this article. We hope you go, and email us: robert.armstrong@ft.com and aiden.reiter@ft.com.

Contrarian views on Trump and markets

The consensus view of what Trump means for markets is too easy, smells of political bias and reads too much into the recent rally. It may be right, but we should be alert to the possibility it isn’t.