OPEC+ Oil Output Is Half a Billion Barrels Behind on Supply Deal
- Group pumped 562 million barrels less than deal since May 2020
- OPEC+ compliance with output cuts surged to 256% last month
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OPEC+ is more than half a billion barrels behind on its pledge to supply world markets with oil, exacerbating concerns about the group’s ability to balance the global market.
In May 2020, the Organization of Petroleum Exporting Countries and allies joined forces to coordinate production cuts aimed at re-balancing the global oil market. Since then, the group known as OPEC+ has pumped a collective 562 million barrels less than levels stipulated in the agreement, according to data from its Joint Technical Committee, which analyzes crude markets on behalf of ministers.