Based on a Reuters report just released, OPEC only cut 480,000 barrels a day during May, against a pledge of 1,039,000 barrels a day. Not even 50% compliance.
The biggest offender is Iraq, who produced +50,000 barrels a day during May vs. a promised cut of 211,000 barrels. Even SA didn't cut as much as promised. SA cut 430,000 barrels vs 500,000 barrels promised.
I'll be happy if OPEC addresses their low compliance during this upcoming meeting, because additional cut announcements don't mean squat if the market doesn't believe it.