OPEC+ statement: Important for all countries to reach full conformity with output cuts
OPEC+ releases its statement after today's meeting
- Compliance reached 136% in August
- Non-compliant countries have pledged to achieve 100% compliance
Essentially, that can be read as nothing of real importance was actually discussed in Abu Dhabi today. Talk of achieving full compliance among those who aren't playing ball sounds good, but I just don't see how OPEC can enforce anything in that regard.
As mentioned earlier, this is one of those ideas/proposals that sound great on paper but is a nightmare in terms of execution.