OPEC+ Agrees on Another Gradual Oil-Output Hike for March
- Group has struggled to deliver 400,000 b/d monthly increases
- Crude is near 7-year high as traders fret about spare capacity
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OPEC and its allies agreed to revive more halted oil production, yet the group’s increasingly obvious struggles to fulfill its supply pledges left markets fearful of a potential shortfall.
The 23-nation coalition led by Saudi Arabia rubber-stamped a nominal increase of 400,000 barrels a day for March, but data continue to show most members failing to provide their share of even this modest increment. Lack of investment or militia unrest are taking a toll on exporters from Nigeria to Libya, placing an increasing strain on the remaining reserves of Middle Eastern countries.