Can OPEC Boost Compliance Back To 100%?

1 Aug 2017   OPEC

A joint OPEC/non-OPEC technical committee will be meeting in Abu Dhabi on next week to discuss ways to improve compliance by members that have not been sticking 100 percent to their output quotas so far. The calling of the meeting, to be held on August 7 and 8, follows the Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) session in Russia on July 24, which “ noted that despite the high level of conformity at the aggregate level, there is still room for improvement by some participating producing countries, and demanded that all participating producing countries must promptly reach full conformity.” The monitoring committee has estimated total OPEC/non-OPEC compliance was 98 percent in June, but OPEC-only compliance, according to the IEA, plunged to 78 percent last month from 95 percent in May. Non-OPEC compliance in June was 82 percent, according to the IEA. The new meeting comes as Saudi Arabia scolded […]

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