OPEC Faces Half-Million-Barrel Dispute With Members on Cuts
- Latest OPEC report shows wide discrepancy in output figures
- Iraq, Venezuela question estimates from ‘secondary sources’
OPEC’s Barkindo Sanguine on Non-OPEC Joining Cuts
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The scale of the internal differences OPEC must resolve before securing a deal to cut supply was revealed Wednesday as the group’s latest output estimates showed a half-million-barrel difference of opinion over how much two key members are pumping.
Venezuela and Iraq’s own figures on how much crude they produced in September were 565,000 barrels a day higher than estimates compiled by the Organization of Petroleum Exporting Countries from so-called secondary sources. The two nations are disputing the data, which could determine the production target for each country when caps on members’ output are decided next month.