OPEC’s Production Dilemma

13 Sep 2019: OPEC Decides to Leave Production Cuts in Place (for now)

During a monitoring meeting earlier this week, OPEC decided to leave production cuts unchanged. However, Iraq and Nigeria indicated they would reduce their production to align more closely with their quotas. The task of OPEC is currently especially complicated by uncertainties around the oil production of Non-OPEC countries and the global oil demand outlook.

They will face another difficult decision in December when the current production agreement expires. While it seems virtually certain that OPEC cutbacks will remain, the question is how deep they will need to be to balance the oil markets.

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