As Quota Compliance Tumbles, Is The End Of OPEC Near?

OPEC’s progress in reducing the oversupply in global oil markets relied on contributions from Nigeria and Libya in March, two countries that are exempt from the group’s deal to rein in production.
The Organization of Petroleum Exporting Countries pumped 32.095 million barrels a day, down 200,000 a day from February, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Supply from Nigeria and Libya dropped by a combined 210,000 barrels a day to 1.55 million and 620,000 a day, respectively.
Among the 10 members bound by production caps, compliance weakened to 89 percent of pledged reductions from 104 percent, the survey showed. As well as the two African countries, Saudi Arabia buoyed the group’s effort by cutting its own output by more than it agreed late last year.

This post was published at Zero Hedge on Apr 3, 2017.