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Delayed OPEC+ Cut Unwinding Could Rattle Bloc’s Unit: Platts

OIL

Market conditions may pressure OPEC+ into delaying its unwinding, but that may come at the cost of cohesion within the alliance, Platts said in its Oil Markets Podcast.

  • The key OPEC 8 still appears united on its policy, but the UAE’s negotiations to increase its production shows that if output doesn’t start ramping up soon or even further cuts are required, cracks could emerge.
  • The breakeven prices for some OPEC members may be higher than the current market prices, which may be driving some within the bloc to be exceeding their quotas.
  • Typically, Russia, Iraq, and Kazakhstan have been repeat offenders when it comes to overproduction, failing with Iraq in particular failing to live up to compensation plans.
  • Iran has also been exempted from production cuts and has been steadily raising output.
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