Friday, June 30, 2017

Blog Is Guilty Of Fake News -- My Bad! -- June 30, 2017

From Platts questioning where OPEC is headed:
As a result, while OPEC can point to 117% compliance for those members with production caps, it has to temper that achievement with the fact that after promising cuts of 1.2 million b/d, OPEC’s total output in May was just 690,000 b/d below the October benchmark.
Worse still, Iraq is proving — as expected — a reluctant partner to the deal. Arguably the country had just as much justification as either Libya or Nigeria for an exemption.
In the event, Iraqi production has averaged 4.415 million b/d from January through May, against an allocation of 4.351 million b/d. Iraqi output rose in May by 70,000 b/d to 4.43 million b/d.
It is thus very hard to see where OPEC is heading. 
I posted that because I had made a mistake in an earlier post. In an earlier post I said that Iraq was exempt from the OPEC agreement to cut production. I was wrong. At the time of the post, I knew I wasn't quite sure, but didn't take the time to confirm. My bad. Fake news.

Anyway, now I've got it. Iraq is part of the OPEC agreement to cut production (wink, wink).

No comments:

Post a Comment