OPEC’s Strategy To Clamp Down On Cheating

22 Sep 2017   OPEC

The latest chapter of the “what will OPEC do next” saga unfolded on Thursday as reports emerged that the cartel and the non-OPEC producers led by Russia may discuss a proposal to consider informal monitoring of crude oil exports, in addition to supervising compliance to production cuts. The OPEC/non-OPEC joint panel on monitoring the cuts, which consists of OPEC’s Kuwait, Venezuela, and Algeria, as well as non-OPEC Russia and Oman, is expected to discuss on Friday in Vienna a recommendation for monitoring exports, Bloomberg reports, citing two delegates who spoke on the condition of anonymity. Even if the producers agree to monitoring exports, results would be discussed internally, and OPEC’s secondary sources will remain the only official measuring stick for compliance, the delegates told Bloomberg. According to Russian media, Russia’s Energy Minister Alexander Novak has said that the panel would discuss a monitoring procedure for oil exports at the […]

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