OPEC+ Unable to Meet US Demand

OPEC+ Unable to Meet US Demand
OPEC+ Unable to Meet US Demand

US pressure on OPEC+ to pump more oil and cool red-hot crude prices has shone a spotlight on a relatively new problem for the producer group, as it does not have much extra capacity to hike output faster, even if it wanted to.
The Organization of Petroleum Exporting Countries and its allies, known as OPEC+, are unwinding record supply curbs made in 2020 when demand cratered, but not fast enough for Washington that is fretting about prices near three-year highs, reported.
OPEC+, which includes Russia, has resisted pressure for swifter hikes, sticking to its plan of gradually raising output by 400,000 barrels per day each month since August, saying it worries a faster increase will lead to a glut in 2022.
Yet OPEC+ cannot even hit those goals. Production by OPEC+ was 700,000 bpd less than planned in both September and October, according to the International Energy Agency, raising the prospect of a tight market and high oil prices for longer. 
In the past, smaller OPEC producers in Africa and even some larger ones in the Persian Gulf could be expected to exceed quotas set by OPEC when they needed the extra cash, usually when oil prices were low. 

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