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SZO - OPEC 'Fiddling With The Numbers' In Production Cuts (Part 2)
DB Crude Oil Short ETN
In Part 1 of 'OPEC Fiddling With the Numbers,' I showed how their cuts were less than those reported under 100% compliance, and with the 'doubtful' cuts excluded, there is no cut. In Part 2, I show how creative accounting allows for higher production under the guise of cuts.
OPEC made no mention of it in their press releases, but it has been reported that they have shifted the goalposts on their quotas. OPEC is allowing non-OPEC countries to exclude condensates from their quotas, and Nigeria obtained a new quota with some condensates.