OPEC+ Misses Output Target Again

OPEC+ Misses Output Target Again
OPEC+ Misses Output Target Again

OPEC+ compliance with oil cuts fell slightly in September, sources said, indicating that as the alliance raises production targets, some members are still falling short as they face challenges in pumping more oil.
OPEC and allies led by Russia, or OPEC+ as the alliance is known, raised its output targets by 400,000 barrels per day in September, Reuters reported.
It has also agreed to raise them by a further 400,000 bpd in October and November.
Underinvestment and maintenance problems have stymied efforts by Angola and Nigeria to raise output, which issue is expected to continue impacting the West African producers in the near future.
Last week, Saudi Arabia, the de facto leader of OPEC, defended the policy of gradual production increases from OPEC+ despite calls from major consumers like the United States to add more barrels as oil prices rise.
Asked about calls for OPEC+ to increase production, Saudi Energy Minister Prince Abdulaziz bin Salman said, "I keep telling people we are increasing production."  
Brent crude prices were trading near $86 a barrel on Monday, a three-year high, buoyed by strong demand.

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