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OPEC production cut: Won't hold up?
Jul 18: OPEC's production compliance cuts are not holding up well, according to latest indications.
8OPEC oil production continued to rise in June 2017 for the second consecutive month.
8Compliance by the OPEC cartel declined to 78%.
8Two exempt OPEC members -- Libya and Nigeria -- have been raising output at a furious pace and it is likely that cuts will now have to be extended to these countries as well.
8Moreover, with Iraq targeting a production rate of 5 mb/d and Iran adding new oilfields, it is also a possibility that the OPEC pack may just come apart.
8Fear of losing market share as a result of the production cuts -- as the cartel looks with consternation as large buyers like India begin contracting for oil parcels from the US -- will be another factor weighing on OPEC in forthcoming discussions.
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