Weekly Economic And Financial Commentary – October 19, 2020
OPEC Monthly Oil Market Report for the month of October showed production by 10 OPEC members in the accord declined by 0.155mbpd in September to 21.6mbpd compared to 21.8mbpd in August. Compared to the Phase 2 production cap of 21.8mbpd, the group achieved compliance rate of 101%. However, adjusting the production in August for expected compensatory cuts by members who overproduced during Phase 1, the group’s production should have totalled 20.24mbps in August.
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