It’s been a wild few weeks for Opec. First, Iraq and Nigeria were named and shamed in Abu Dhabi on 12 September as their lax approach to production cuts came into the spotlight (MEES, 13 September). Barely had they had time to begin cutting when key oil infrastructure in Saudi Arabia suffered a devastating attack on 14 September (MEES, 20 September). This week then saw Ecuador announce its intentions to leave the group from January 2020.

OPEC OUTPUT COLLAPSE

That Opec production...