LONDON—The increase in OPEC’s oil output in November has again undershot the rise planned under a deal with allies, a Reuters survey found on Tuesday, bringing a lack of capacity in some producers into focus ahead of a policy meeting this week. The Organization of the Petroleum Exporting Countries (OPEC) pumped 27.74 million barrels per day (bpd) in November, the survey found, a rise of 220,000 bpd from the previous month but below the 254,000 increase allowed under the supply deal. OPEC and its allies, a group known as OPEC+, are gradually relaxing 2020’s output cuts as demand recovers from the pandemic. But many smaller producers can’t raise supply and others have been wary of pumping too much in case of renewed COVID-19 setbacks. OPEC+ meets on Thursday. A U.S.–led release of oil stocks by consumer nations to lower prices and the appearance of the Omicron coronavirus variant have cast …
OPEC Oil Output Boost in November Again Falls Short of Target
November 30, 2021
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