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Compliance Is Critical


  • On one hand, you had some key members – including Iraq, surprisingly – stating the need for the broader OPEC+ club to make further cuts to its supply deal.
  • The headlines spinning out of the December 5 meeting was that the OPEC+ alliance agreed to slash a further 500,000 b/d, with Saudi Arabia pledging an additional voluntary cut of 400,000 b/d.
  • The caveat that the new targets – especially Saudi Arabia's voluntary portion – will only come into force if all members of the OPEC+ club implement 100% of their pledged cuts underscores the Kingdom's new, more hardline stance that full compliance is required before it makes additional concessions.



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