Bloomberg Article: "OPEC+ deal isn't worth the paper it is written on"

[Jabbar + 465]

https://m.economictimes.com/markets/commodities/views/opec-deal-isnt-worth-the-paper-its-written-on/articleshow/72674088.cms

" .   .  that appeared to indicate that OPEC+ output would be slashed by a very substantial 900,000 barrels a day .  .  .  ",

"But in reality, the difference the agreement will make to physical production is really quite small, even if everyone sticks to their new goals."

"Saudi Arabia’s new voluntary target of 9.744 million barrels a day is just 5,000 barrels a day below what it pumped on average over the past nine months, according to the production numbers it supplies to OPEC. That’s no cut at all. "

" Nigeria is trying to reclassify some of its output as condensate  .  .  .  Because OPEC doesn’t regulate such production, the change would allow the biggest oil producer in Africa to comply with the new goals without actually cutting production at all." 

New rule : Condensate now does not count.  So OPEC+ members Russia and Azerbaijan have 1.5 million barrels/day less production so they Now Pass Cuts With Flying Colors.  Nigeria and Iraq have applied for same condensate waiver treatment. 

Note: as I have said before.  Saudis haven't done any Cuts and never will.  

Saudis Oil Minister, MBS's brother ABS is lying (surprise , surprise) . Saudi 9 month production number they supplied to OPEC is 9.745 million barrels a day while Aramco's audited financial systems say 10 million barrels a day.  All of 2018 and all of 2019 Saudis produced 10 million/day.  NO CUTS.  The whole OPEC "Balance the market with production Cuts"   is a fraud.

  https://community.oilprice.com/topic/8912-saudi-deception-no-cuts-10-million-bblsday-all-of-2018-and-2019-thats-a-fact-per-aramco-filings/

 

 

Edited December 16, 2019 by Jabbar