Yesterday’s report from Reuters that some OPEC member nations are cheating on their quota agreements is unique only in that the news agency has apparently got a document outlining what the cartel wants its members to do. Essentially, OPEC ministers want to cut crude production to the agreed-upon levels, taking nearly 2 million barrels/day out of the market.
If OPEC members were to comply with the quota, the big oil companies like Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX) and ConocoPhillips (NYSE:COP) could not make up that many barrels.
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