Beyond OPEC compliance

It is time for the oil and gas industry to think about market fundamentals beyond the extent to which members of the Organization of Petroleum Exporting Countries abide by their April 1999 production agreement. While OPEC compliance remains important, other factors deserve attention.The importance to the market of OPEC production restraint is evident in the International Energy Agency's latest Monthly Oil Market Report. IEA estimates average OPEC output in October at 26.32 million b/d and in September at a revised 26.21 million b/d. The September figure represents 91% compliance with the April agreement, the October figure 87%. In effect, the oil OPEC holds off the market makes room fo...

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