OPEC+ Supply Shortfall at 3.5% of Global Oil Demand

OPEC+ is now producing below its targets by a record 3.58 million barrels per day - about 3.5% of global demand - highlighting underlying tight supply in the oil market, even as recession fears drag oil prices lower. 
Data from the Organization of Petroleum Exporting Countries and allies led by Russia showed the group, known as OPEC+, registering a shortfall in August above that of OPEC number 3 producer, the UAE's output, which was a record 24% higher than July's 2.89 million bpd, Nasdaq.com reported. 
Oil prices rose on Tuesday to above $92, partly supported by news of the OPEC+ shortfall, but were headed for a fourth monthly decline ahead of an expected further US interest rate hike that may curb economic growth and fuel demand. 
Two main factors have been derailing OPEC+'s ability to hit its production targets: a chronic problem with underinvestment among certain members such as Nigeria and Angola, and, more recently, the impact of Western sanctions on Russian output.
Nigeria's crude oil production fell below 1 million bpd in August, figures from its regulator show, as the nation grappled with rampant theft from its pipelines and years of underinvestment.