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Is The OPEC Oil Quota Deal Really Working? Depends On Your Metrics

By Ellen R. Wald, Ph.D.Nov 22, 2017 05:00AM ET
Is The OPEC Oil Quota Deal Really Working? Depends On Your Metrics
By Ellen R. Wald, Ph.D.   |  Nov 22, 2017 05:00AM ET

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Do Deikins
DoRight Nov 22, 2017 12:12PM ET
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"Perhaps in a show of good faith before the November OPEC meeting, Iraq cut its production in the month of October from 4.5 million bpd to 4.38 million bpd."  Politely put, but it might have something to do with production/transport problems in Kirkuk and (the rest of) Kurdistan.  The Saudi's changed their game midstream from production quota to export quota.  A large part of Iran's "initially robust production rates"  were from storage put in place during restrictions, so it is easy to see why their production currently is not bearing up.  As they truck oil from Iraq, their perceived production will rise, or will that oil be counted in Iraq's production quota? . But in all this fudging, reserves seem to be decreasing and prices are rising.  As a Nobel Prize winner once said, "You don't need a weather man to know which way the wind blows."
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