The Art of Turning Cheaters Into Compilers

摘要

Compliance was always a sore point in Opec agreements. Extending membership to 23 with the participation of non-Opec members in Opec-plus has made it even more problematic, especially given the insistent Saudi push for 100% compliance — no excuses accepted. Still, while that strict line has increased tensions among member states, the majority believe that without a sense of shared responsibility to rebalance the market, no progress will be made. New commitments on compliance corroborate that view, with members now on track to transition from the current 9.6 million barrel per day cut to the agreed 7.7 million b/d cut from August, which in reality will be deeper as laggards make up for past overproduction.