(Bloomberg) The inability of some OPEC+ members to increase oil output is forcing the cartel to settle for a larger crude supply deficit.
Countries that include Nigeria, Angola, and Azerbaijan are reportedly unable to raise output as agreed due to insufficient investment, exploration, among other difficulties.
The output challenges happen even as OPEC+ faces pressure to hike output increases as the energy crisis in Europe pushes power prices to fresh records.
OPEC+ reportedly cut its output 15% deeper than planned last month, compared to 16% and 9% in August and July, respectively. The cartel needed to supply an extra 747,000 bpd in September to remain within the production target.
Brent has risen to the highest level in seven years as producers move to oil while the energy crisis also boosts demand.
OPEC+ is scheduled to meet on November 4 in which output policy will be under focus. The meeting happens at the same time as COP26 climate talks in Glasgow with a focus on cutting carbon emissions to avoid climate catastrophe.
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