OPEC Compliance With Output Cuts Was Only 74% In May

Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production cuts—as usual, with Saudi Arabia on one side and Russia on the other. But those discussions seem premature, given the latest Reuters survey that suggests that the cartel failed to fully comply with its agreed-upon quotas in May. According to the survey data, Nigeria and Iraq did not live up to their commitments under the massive production cut deal that promised…