OPEC and its allies once again failed to pump enough oil to meet their output targets, exacerbating the supply deficit as the world recovers from the coronavirus pandemic, Report informs referring to Bloomberg.
OPEC+ cut its production 15% deeper than planned in September, compared with 16% in August and 9% in July, according to delegates with knowledge of the matter.
This reflects the inability of some members to raise output to agreed volumes.
The Organization of Petroleum Exporting Countries and its allies have been under pressure from major consumers to accelerate the pace of their supply increases. These calls have become louder as the energy crisis has engulfed Europe, sending power prices to record levels.
The participants of the OPEC+ deal on October 4 decided to adhere to the schedule approved in July for a monthly increase in oil production by 400,000 barrels per day at least until April 2022. This will allow the group to gradually abandon the existing production cut of 5.8 million barrels per day.