Can OPEC+ Still Justify Its Deep Output Cuts?

OPEC+ compliance rose sharply in June, helping to tighten up the market. The improved compliance also boosted confidence and cohesion in the group’s collective effort ahead of a possible loosening of the supply curtailments. Perhaps counterintuitively, that increases the odds that the group increases production beginning in August. Saudi Arabia praised the efforts of Iraq and Nigeria for their stricter compliance with the production cuts in June, which comes just a few weeks after Riyadh cast blame on the countries for over-producing relative…