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OPEC aims at full compliance with existing quota

03/23/2009
The Organization of Petroleum Exporting Countries, noting signs of market strengthening, agreed in a Mar. 15 meeting in Vienna to seek full compliance with a quota cut announced in December.The exporters’ group had been expected to focus on compliance with the earlier target rather than adjust the quota again (OGJ Online, Mar. 11, 2009).The group said “secondary sources” had reported 79% compliance in February with the December decision, which in conjunction with an earlier quota adjustment was to have reduced output by 4.2 million b/d to 24.85 million b/d.It said that level of compliance with production targets “has contributed to balancing the price of the OPEC r...
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