OPEC Crude Production
While OPEC doesn't officially release production targets, the market does follow informal production guidelines with interest. Generally, announcements (often released by third parties) of general production targets are helpful to the market. Market participants readily know OPEC's general intentions.
Historically, OPEC has had a checkered past when it comes to crude production compliance. For each member country, crude oil is the lifeblood of its respective economy. One can easily imagine as crude oil prices decline, so does the revenue of each country. How does a country reconcile cash shortfalls? More often than not, OPEC member countries produce more than their so-called production quotas. On the flip side, an OPEC country ...
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