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Javier Blas

OPEC+ Mulls When to Fire Its Last Oil Production Bullets

The cartel is running out of capacity to pump more crude.

Running low on ammunition.

Running low on ammunition.

Photographer: Simon Dawson/Bloomberg

It’s an ironic turn of events. Just as global central banks finally raise interest rates to fight oil-boosted inflation, OPEC+ faces the very same problem policy makers encountered when they loosened monetary conditions to rescue the global economy: the zero bound.

For the last year, the oil cartel has been injecting liquidity into the energy market, boosting output in a series of pre-planned monthly hikes. The final boost will come in August. By then, OPEC+ will be running out of spare production capacity.