OPEC survey from Reuters
- Output rose 210K bpd to 24.59 mbpd
- States bound by supply cut pledges complied at 101%
- OPEC+ states bound by pledges cut output by 100K bpd
This whole paradigm underscores the tough situation that OPEC and the world oil market is in. OPEC is cutting a bit more by Libya will bring another 600-800kbpd online before year-end. Libya is not bound by the OPEC+ agreement because it had dropped production due to a civil war.