Summary:
- OPEC production compliance averages 106% since the start according to IEA.
- Angola’s oil exports hit 10-year lows. This is structural, and not temporary.
- Alongside accelerating production declines in Venezuela, years of low oil prices are starting to reveal the impact of what happens when you massively cut CapEx.
- Again, we reiterate – this is not a production cut, but a pullback from max production capacity.
- By: HFIRÂ
Continue reading the full article at Seeking Alpha right here:Â OPEC Production Is Headed Lower, Not Higher
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