One of the frequent discussion in the Five Star Standard is about worldwide production numbers and the relative difficulty in measuring data. Indeed, in past editions, we have spoken at great lengths about how data is measured, why there are often huge discrepancies, and the fact that the U.S. is one of the most transparent countries in terms of measuring production and inventory. But even in the U.S., the differences between reserve estimates by API and the EIA can be radically different in any given week.
One of the interesting topics of conversation lately (particularly in light of continuing increases in U.S. storage and oil imports over the past few weeks), is OPEC compliance with their agreed production cuts. In the last edition, we gave you some estimates. But what is interesting is that over the past several weeks, I have read many articles (from very reliable sources that I will cite to below) that have radically different numbers for OPEC compliance.