OPEC+ Expected to Ratify Supply Hike While Struggling to Deliver
- Traders and delegates expect 400,000 barrel-a-day increase
- Market anxiety grows as OPEC spare capacity dwindles
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OPEC and its allies are expected to approve another modest oil-output increase this week, yet once again struggle to deliver all of the extra supplies into a red-hot crude market.
The recovery in fuel consumption from the pandemic continues apace, leaving plenty of room for the 23-nation coalition led by Saudi Arabia and Russia to boost production. But members from Nigeria to Russia have been running out of spare capacity and struggling to revive their output after years of cuts and under-investment.