OPEC+ Should Worry About Oil Shortfalls Not Surpluses
The oil producer group should tap the flexible policy it loves so much.
Please sir, can we have some more?
Photographer: Alex Halada/Getty Images
The oil producer group known as OPEC+ keeps trumpeting its flexible approach to balancing the global oil market. As prices test $80 a barrel, that flexibility needs to include raising the amount of oil they plan to pump in the coming months.
Oil ministers from the Organization of Petroleum Exporting Countries and their allies are due to meet via video conference on Monday, when they will agree on their production target for November. The group has already put in place a program of increases that will see them raise their combined target by 400,000 barrels a day each month until they have restored all the supply they cut last year.