OPEC Forced To Consider Production Cuts As Bearish Pressure Mounts

OPEC will consider at its December meeting instituting even deeper production cuts, OPEC sources told Reuters today, even though not everyone in the group is complying to the existing production cuts. The “everyone” refers to Iraq and Nigeria, which are notorious over producers compared to what has been assigned to them under the current production cut pact. Still, OPEC has managed to overcomply month after month, but Iraq and Nigeria have repeatedly failed to adhere to the agreement—a likely sore spot within the cartel as other…