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.