OPEC + with lower oil production than expected

Oil
Rising oil prices / Illustrative photography: EPA

Organization of the Petroleum Exporting Countries (OPEC) and their allies, a group called OPEC +, need to close the gap between their actual and target output, he said. the head of the International Energy Agency (IEA), Fatih Birol.

- There is a significant difference between the goals set by the OPEC + countries in terms of the level of their production and what they produce today. It will be important for OPEC + to reduce this gap and, we hope, to provide more volumes to the market, he said. Birol at a conference in Riyadh, the capital of Saudi Arabia, reports Reuters.

Oil producers OPEC + last year decided to increase production by 400.000 barrels per day (bpd) every month since August to gradually return to pumping levels before the collapse of the oil market in the spring of 2020, when they introduced drastic production restrictions to support prices.

However, they have failed to reach the projected level in recent months as some members of the oil alliance have trouble resuming production.

The IEA said in its latest monthly report the gap between target and actual production of oil increased to 900.000 barrels per day in January.

 

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