OPEC Quota Busters Start to Toe the Line With June Export Cuts
- Iraq, Nigeria, Angola all cut shipments in first half of June
- Countries agreed to bring flows down, make deeper cuts later
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Three OPEC members identified by their peers as failing to bring production down to target levels in May appear to have begun improving their compliance in June, if lower exports are any indication. But for the biggest over-producer, Iraq, that first step is a small one.
The Persian Gulf nation, which was singled out for particular criticism ahead of the meeting of the Organization of Petroleum Exporting Countries on June 6, trimmed crude exports by a modest 82,000 barrels a day in the first half of June compared with the whole of May, according to port agent reports and tanker-tracking data monitored by Bloomberg.