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OPEC compliance with cuts hits new high of 106%

Published 06/23/2017, 05:04 AM
Updated 06/23/2017, 05:04 AM
© Reuters. OPEC compliance with cuts hits new high of 106%
  • "Overall conformity levels by OPEC and participating non-OPEC producing countries have steadily increased from January to May 2017, exceeding 100% in both April and May to reach its highest level since January 2017. In May 2017, the OPEC and participating non-OPEC producing countries achieved a conformity level of 106%, an increase of 4 percentage points over the April 2017 performance," OPEC says in a statement on its website.
  • "This is a convincing demonstration of the willingness of all participating countries to continue their cooperation until the set goal is achieved."
  • Next Joint OPEC-Non-OPEC Ministerial Monitoring Committee meeting is scheduled for St. Petersburg on 24 July 2017.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
  • Now read: Thrilling Thursday - Nasdaq Makes New Highs, Ethereum Flash Crashes


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Until supply meets demand versus the current supply glut oil will continue to adjust to a market driven price. The cheaper oil is the more it will be used as it competes with solar, wind, coal, and nuclear. OPEC is not that big of a player that it can continue to give up market share to artificially support price increases. I think most investors see that as a foolish way to try and increase price as at some point the individual countries that make up the cartel will feel the impact of not only producing less oil but getting less money for the oil produced. The big winners in this are the non OPEC producers that are gaining market share and produce as much oil as they can to get the most money given that there is an over supply in the market of oil. At some point someone will figure out what is happening and drop the OPEC oil cuts and then you will see a significant drop in the price of oil as an ensuing battle to capture market share will erode the price of oil even further...
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