The Strategist

OPEC+ countries 15% behind oil production target

10/19/2021 - 07:04

OPEC+ countries produced 15% less oil in September than planned, sources told Bloomberg. If oil prices do not fall, the union could face "increased political pressure".

OPEC+ countries once again failed to meet oil production targets in September. This was reported by Bloomberg with reference to knowledgeable delegates from the member countries of the association. 

In September, OPEC+ countries cut their production by 15% more than planned, the interlocutors told Bloomberg. They said it was 16% in August and 9% in July.

This indicates that some participants of the deal, including Angola, Nigeria and Azerbaijan, cannot increase production to the indicated levels, the newspaper writes. The reason is insufficient investment or exploration, as well as other problems.

OPEC+ countries are facing pressure from major oil consumers, advocating for a faster increase in production, notes Bloomberg. Against the backdrop of Europe's energy crisis, these calls have grown louder. If oil prices do not fall, the next OPEC+ meeting on Nov. 4 could take place in an atmosphere of "increased political pressure," the agency said.