OPEC+ Oil Output Is Half a Billion Barrels Behind on Supply Deal

Bloomberg2022-06-29

Group pumped 562 million barrels less than deal since May 2020OPEC+ compliance with output cuts surged to 256% last monthOPEC+ is more than half a billion barrels behind on its pledge to supply world ...

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Comments

PearlynCSY
2022-06-30
PearlynCSY
Thanks for sharing
MANGATUR0815
2022-06-29
MANGATUR0815
bullish for oil
Seafront
2022-06-29
Seafront
Thanks
YYMA
2022-06-29
YYMA
yes
robot1234
2022-06-29
robot1234
Oil extends gains as major producers flag capacity limits. Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while Western governments agreed to explore ways to cap the price of Russian oil. Brent crude futures climbed by $ 1%, to $116.28 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 0.9%, to $110.53. Both contracts ended the previous session nearly 2% higher. Leaders of the G7 group of wealthy nations said they will explore a potential ban on transporting Russian oil that has been sold above a certain price as they seek to step up pressure on Moscow over its invasion of Ukraine. Russian oil export revenue climbed in May even as volumes fell, the International
missychatty
2022-06-29
missychatty
Ok

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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.OPEC+’s compliance rate with the deal to reduce output soared to 256% in May as members produced 2.7 million barrels a day below their collective target.The group has been struggling for months to deliver the volumes of oil to the market that it has pledged, as some members contend with diminished investment and operational issues.Spare capacity is confined to the core members in the Persian Gulf, and even their untapped supplies may be eclipsed by the losses caused by sanctions on Russia in retaliation for Ukraine war. 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Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while Western governments agreed to explore ways to cap the price of Russian oil. Brent crude futures climbed by $ 1%, to $116.28 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 0.9%, to $110.53. Both contracts ended the previous session nearly 2% higher. Leaders of the G7 group of wealthy nations said they will explore a potential ban on transporting Russian oil that has been sold above a certain price as they seek to step up pressure on Moscow over its invasion of Ukraine. Russian oil export revenue climbed in May even as volumes fell, the International","listText":"Oil extends gains as major producers flag capacity limits. 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Oil prices rallied for a third day on Tuesday as major producers Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly while Western governments agreed to explore ways to cap the price of Russian oil. Brent crude futures climbed by $ 1%, to $116.28 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 0.9%, to $110.53. Both contracts ended the previous session nearly 2% higher. Leaders of the G7 group of wealthy nations said they will explore a potential ban on transporting Russian oil that has been sold above a certain price as they seek to step up pressure on Moscow over its invasion of Ukraine. Russian oil export revenue climbed in May even as volumes fell, the International","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":38,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9042849364","repostId":2247033193,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9042866969,"gmtCreate":1656461837651,"gmtModify":1676535833036,"author":{"id":"3560333139103013","authorId":"3560333139103013","name":"missychatty","avatar":"https://static.tigerbbs.com/d75cdb42cbca99e3666b7b1796540245","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3560333139103013","authorIdStr":"3560333139103013"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9042866969","repostId":2247033193,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":146,"commentSize":17,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2247033193"}