OPEC+ members produced 2.9 million barrels per day (bpd) below their collective oil production target in July, two OPEC+ sources told Reuters on Monday. The gap between overall quota and actual oil production from the OPEC+ members has been growing for more than a year, with many producers unable to raise production due to capacity and/or investment constraints, while the alliance has added more barrels to its monthly oil production target.
Moreover, production in Russia, albeit stabilized at a level from February, just before the invasion of Ukraine,…OPEC+ Is Now Almost 3 Million Bpd Behind Its Production Target
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