Baytex Energy Corp T.BTE

OPEC running out. Compliance June = 320%

[BayStreetWolfTO]

"Talk about LIMITED spare capacity…. Compliance levels for opec plus were at 320% in June!"

[TheWokeLemming]

If I'm Putin, I'm prolonging the war as long as possible and starting to look at cutting back sales to China and India.  And with demand deterioration I can see OPEC slowing down their production increases tomorrow.  My opinion only.  

[checkup]

Compliance of 97% is high by OPEC standards. In July, top exporter Saudi Arabia was still pumping below its target and Iraq and Nigeria, while lagging the Gulf OPEC members on compliance, were pumping less than in earlier months, according to a Reuters survey and other assessments.

[Drifter133]

Bay, excuse my ignorance but how is 320% compliance in June not bad for oil? Thank you for explanation, appreciate!

[BayStreetWolfTO]

Full compliance would be 100% (reaching quota) They are exceeding their requested compliance so you would say "below" quota.... They have been increasing in the "miss" i.e. increase in complaince from quote Dec 2021 was 122% Jan 2022 was 130% Now up to 320%....so way under quota This is why we talk spare capacity issues....WHY would a country purposely produce less when