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OPEC+ Supply Hikes Enough to Prevent Market Overheat, Oman Says

  • Coalition doesn’t want to see oil rallying to $100: Rumhi
  • Production capacity is limited by lack of investment: minister
Oil pumping jacks, also known as "nodding donkeys", operate in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia.

Oil pumping jacks, also known as "nodding donkeys", operate in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia.

Photographer: Andrey Rudakov/Bloomberg

OPEC and its allies don’t want crude prices to climb to $100 a barrel, and are reviving production quickly enough to prevent global markets from “overheating,” Oman’s oil minister said.

The Organization of Petroleum Exporting Countries and its allies, a 23-nation group led by Saudi Arabia and Russia, continues to restore output halted during the pandemic at a gradual pace of 400,000 barrels a day -- though in practice its increases have been restricted by internal unrest and depressed budgets. Crude prices have rallied this year, topping $80 a barrel in London.