Opec, Non-Opec Get Mixed Grades for Compliance So Far

Oil Daily, The, January, 2002

Opec, Non-Opec Get Mixed Grades for Compliance So Far

Two weeks into their promised production cuts, the grades for Opec and non-Opec compliance are mixed.

Some key Opec countries have started off better than expected and the organization's worst violator has taken meaningful steps to shore up overproduction. Other Opec members and their non-Opec peers have not done so well.

Oil markets this month have focused more on the bad news than the good news.

Evidence of Saudi Arabian cuts to European customers set a positive tone at the start of the month, and more recently Kuwait and Qatar seem to be following through with reductions to Japanese customers. Kuwait said earlier this week that 15%-16% cuts to term volumes would be continued into...