Has OPEC Really Cut Oil Production?

Even though OPEC producers have cut oil production, imports of crude oil from OPEC in countries around the world have increased, not decreased according to Morgan Stanley’s energy analysts. Specifically, even though OPEC members have reported a near universal compliance on cuts targeted at the end of last year, oil imports to the US, China, Korea, Japan and Singapore (the five countries that report detailed information about the source of their oil imports on a timely basis) reported an aggregate increase in OPEC oil imports of 1 million barrels per day quarter-on-quarter during Q1. These figures, as Morgan’s energy analysts…