{"id":270074,"date":"2010-02-03T07:33:00","date_gmt":"2010-02-03T12:33:00","guid":{"rendered":"http:\/\/www.businessinsider.com\/opec-freaking-out-that-its-day-is-over-as-quote-compliance-drops-to-56-2010-2"},"modified":"2010-02-03T07:33:00","modified_gmt":"2010-02-03T12:33:00","slug":"opec-freaking-out-as-half-its-members-stop-following-production-quotas","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/270074","title":{"rendered":"OPEC Freaking Out As Half Its Members Stop Following Production Quotas"},"content":{"rendered":"<p><img decoding=\"async\" class=\"float_right\" src=\"http:\/\/static.businessinsider.com\/image\/4b696a9b000000000001ede6-400-\/opec.jpg\" border=\"0\" alt=\"OPEC\" width=\"400\" \/><\/p>\n<p><div style=\"float: left; padding: 15px 15px 15px 0;\">\n<script type=\"text\/javascript\">\/\/ <![CDATA[\ntweetmeme_source = 'moneygame'; tweetmeme_service = 'bit.ly';\n\/\/ ]]><\/script><br \/>\n<script src=\"http:\/\/tweetmeme.com\/i\/scripts\/button.js\" type=\"text\/javascript\"><\/script>\n<\/div>\n<p>OPEC&#8217;s Secretary General Abdalla Salem El-Badri has told the BBC that his cartel&#8217;s production quote compliance has sunk to just somewhere between 50 &#8211; 56%.<\/p>\n<p>He finds the development &#8216;worrying&#8217;, which is a bit of an understatement:<\/p>\n<p><a href=\"http:\/\/news.bbc.co.uk\/2\/hi\/business\/8495198.stm\">BBC:<\/a><\/p>\n<p style=\"padding-left: 30px;\">&#8220;The risk is you see a lot of oil in the market and no one is buying it. Then the price will come down.&#8221;<\/p>\n<p style=\"padding-left: 30px;\">&#8230;<\/p>\n<p style=\"padding-left: 30px;\">&#8220;We need a price where we can invest in new capacity, new supply and also cater for the wealth of our people. Anything below $70 will not permit us to invest.&#8221;<\/p>\n<p>Stubbornly trying to defend $70 oil has its consequences, especially during hard economic times when most producer countries want all the income they can get. When compliance hovers around just 50%, one has to imagine that the institution&#8217;s continued enforcement credibility is put in question.<\/p>\n<p><em>Add my twitter for more like this: @vincefernando<\/em><\/p>\n<p><a href=\"http:\/\/www.businessinsider.com\/opec-freaking-out-that-its-day-is-over-as-quote-compliance-drops-to-56-2010-2#comments\">Join the conversation about this story &#187;<\/a><\/p>\n<p><b>See Also:<\/b><\/p>\n<ul>\n<li><a href=\"http:\/\/www.businessinsider.com\/iea-says-developed-world-oil-demand-already-looking-weaker-than-expected-2010-1\">IEA Says Developed-World Oil Demand Already Looking Weaker Than Expected<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/sovereign-backed-oil-companies-creamed-the-multinationals-in-iraq-2010-2\">Foreign State-Owned Energy Companies Dominating Iraq&#8217;s Oil Revolution, Leaving U.S. Ambitions In The Dust<\/a><\/li>\n<li><a href=\"http:\/\/www.businessinsider.com\/iraq-will-blow-saudi-arabia-out-of-the-top-slot-within-seven-years-2010-2\">Iraq Gunning To Blow Away Saudi Arabia&#8217;s Oil Leadership Within Seven Years<\/a><\/li>\n<\/ul>\n<p><a href=\"http:\/\/feedads.g.doubleclick.net\/~a\/RDK38emyA6h-lSj9J7ZJZalefxo\/0\/da\"><img decoding=\"async\" src=\"http:\/\/feedads.g.doubleclick.net\/~a\/RDK38emyA6h-lSj9J7ZJZalefxo\/0\/di\" border=\"0\" ismap=\"true\"><\/img><\/a><br \/>\n<a href=\"http:\/\/feedads.g.doubleclick.net\/~a\/RDK38emyA6h-lSj9J7ZJZalefxo\/1\/da\"><img decoding=\"async\" src=\"http:\/\/feedads.g.doubleclick.net\/~a\/RDK38emyA6h-lSj9J7ZJZalefxo\/1\/di\" border=\"0\" ismap=\"true\"><\/img><\/a><\/p>\n<div class=\"feedflare\">\n<a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=fSTf1zKLxYg:ZY0lgqhS6YI:yIl2AUoC8zA\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?d=yIl2AUoC8zA\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=fSTf1zKLxYg:ZY0lgqhS6YI:F7zBnMyn0Lo\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?i=fSTf1zKLxYg:ZY0lgqhS6YI:F7zBnMyn0Lo\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=fSTf1zKLxYg:ZY0lgqhS6YI:V_sGLiPBpWU\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?i=fSTf1zKLxYg:ZY0lgqhS6YI:V_sGLiPBpWU\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=fSTf1zKLxYg:ZY0lgqhS6YI:qj6IDK7rITs\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?d=qj6IDK7rITs\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?a=fSTf1zKLxYg:ZY0lgqhS6YI:gIN9vFwOqvQ\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/greensheet?i=fSTf1zKLxYg:ZY0lgqhS6YI:gIN9vFwOqvQ\" border=\"0\"><\/img><\/a>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/greensheet\/~4\/fSTf1zKLxYg\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>OPEC&#8217;s Secretary General Abdalla Salem El-Badri has told the BBC that his cartel&#8217;s production quote compliance has sunk to just somewhere between 50 &#8211; 56%. He finds the development &#8216;worrying&#8217;, which is a bit of an understatement: BBC: &#8220;The risk is you see a lot of oil in the market and no one is buying [&hellip;]<\/p>\n","protected":false},"author":809,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-270074","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/270074","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/809"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=270074"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/270074\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=270074"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=270074"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=270074"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}