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    Home ยป OPEC+ Misses Output Target as Production Falls Deeper Than Planned
    Indices News

    OPEC+ Misses Output Target as Production Falls Deeper Than Planned

    October 18, 20211 Min Read
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    Crude oil logo next to the pump. Concept - crude oil getting cheaper. Oil pumping tower. Concept - petroleum production does not generate income. Reduced production levels.
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    The Organization of the Petroleum Exporting Countries (OPEC) and its allies have missed their output targets as production cuts were deeper than originally planned.

    • The group reduced its production 15% deeper than planned in September, versus the 16% cut in August and the 9% decline in July, sources privy to the matter reported.
    • This comes as some members failed to raise output to earlier agreed-upon volumes due to a lack of investment, exploration, and other issues. This includes Angola, Nigeria, and Azerbaijan.
    • The group has been under increasing pressure from markets to boost production as economies rebound from the pandemic and the ongoing energy crisis in Europe.
    • The next meeting of the group scheduled next month could ensure heightened political pressure from consumers if prices do not turn around before then.

    The OPEC+ could have added an extra 747,000 barrels a day in September, which would put it within the agreed-upon limits.

    Source: Bloomberg

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