OPEC will consider at its December meeting instituting even deeper production cuts, OPEC sources told Reuters today, even though not everyone in the group is complying to the existing production cuts. The “everyone” refers to Iraq and Nigeria, which are notorious over producers compared to what has been assigned to them under the current production cut pact. Still, OPEC has managed to overcomply month after month, but Iraq and Nigeria have repeatedly failed to adhere to the agreement—a likely sore spot within the cartel as other members have done their fair share, or as in Saudi Arabia’s case, more than their fair share. Other OPEC members, according to the source, and in particular Saudi Arabia, would be loath to implement even more cuts unless Iraq and Nigeria step up their compliance. “In December we will consider whether we need more cuts for next year. But it is early now, […]