Is Kuwait being naughty with their oil deal numbers?
It seems so
For their part of the oil agreement, Kuwait was supposed to cut and hold production at 2.707mbpd. Only this week, the Kuwaiti oil minister trumpeted the fact that the compliance in the deal was good, at 92% for OPEC members and 50% for non-OPEC.
Secondary sources in the OPEC reported that Kuwaiti output in Jan stood at 2.718mbpd. That's around the ballpark so no problem surely?
It might be as the CEO of the Kuwaiti Oil Company has said that production has reached 2.75mbpd.
With talk of a deal extension starting to gather pace, Kuwait may not be that keen to continue it, as the COE confirmed that the country wants to continue working towards raising its production capacity to 3.65mbpd from the current 3.15mpd.
I'm sure the rest of the producers are toeing the line and are not partaking in these little indiscretions themselves ;-)