The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC +, need to reduce the gap between their targets and actual production, International Energy Agency (IEA) chief Fatih Birol said today.
“There is a significant difference between the goals set by OPEC + countries in terms of their production levels and what is being produced today,” Birol told a conference in the Saudi capital, Riyadh. “It will be important for OPEC + to reduce this gap and offer more volumes in the market,” he said.
OPEC + producers increase their production target by 400,000 barrels per day each month from August as they ease production restrictions. However, they do not seem to be achieving these goals as some producers are struggling to resume production.
Brent crude was trading at $ 93.19 a barrel earlier in the day, down 10 cents, down 3.3 percent overnight after Russia announced a partial withdrawal of troops from areas near Ukraine. yet confirmed by the US.
Source: AMPE
Source: Capital
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