The OPEC Deal Is Under Threat

As Phase 3 of COVID rages globally, the UAE, Kuwait, and Iraq are uncertain about extending OPEC oil production cuts into 2021, which means that come November, the OPEC deal could come into question despite the clear demand lag amid a pandemic that shows no sign of letting up. This throws a wrench into efforts to rebalance the market, and even though Saudi Arabia, and even at-times-hesitant Russia, appear ready to continue 7.76 million bpd of cuts into the New Year, Iraq has always been an outlier, and now even UAE and Kuwait are having second…