OPEC’s high level of compliance to a supply curb deal aimed at boosting prices is being questioned by
Sanford C. Bernstein as data signals its exports declined by less than expected.
Shipments from 11 members dropped by 491,000 barrels a day in May, falling far short of the group’s output reduction of 1.33 million.
While the average rate of compliance with the November deal to reduce output by about 1.2 million barrels a day was at 102 percent since the cuts started in January, global inventories year to date are essentially unchanged, the researcher estimates.
Source: Bloomberg Pro Terminal
Junior Trader Stefan Panteleev
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