“U.S. pressure on OPEC+ to pump more oil and cool red-hot crude prices has shone a spotlight on a relatively new problem for the producer group: it doesn’t have much extra capacity to hike output faster, even if it wanted to.”
…
“OPEC+, which includes Russia, has resisted pressure for swifter hikes, sticking to its plan of gradually raising output by 400,000 barrels per day (bpd) each month since August, saying it worries a faster increase will lead to a glut in 2022.
Yet OPEC+ can’t even hit those goals. Production by OPEC+ was 700,000 bpd less than planned in both September and October, according to the International Energy Agency (IEA), raising the prospect of a tight market and high oil prices for longer.”
…
“plunging investment in production caused by the pandemic and environmental pressure on oil majors, particularly in poorer OPEC states, means just three OPEC members – Saudi Arabia, the United Arab Emirates and Iraq – have the extra capacity in place to hike supplies relatively quickly.”
…
“Saudi Arabia is now producing close to 10 million bpd but has never produced more than 11 million bpd for a sustained period of many months, even though it says it has more capacity available.”
https:\/\/www.reuters.com\/markets\/europe\/us-wants-more-oil-opec-cant-turn-tap-much-harder-2021-11-23\/ <\/p>\n","protected":false},"excerpt":{"rendered":"
“U.S. pressure on OPEC+ to pump more oil and cool red-hot crude prices has shone a spotlight on a relatively new problem for the producer group: it doesn’t have much extra capacity to hike output faster, even if it wanted to.”<\/p>\n
…<\/p>\n
“OPEC+, which includes Russia, has resisted pressure for swifter hikes, sticking to its plan of gradually raising output by 400,000 barrels per day (bpd) each month since August, saying it worries a faster increase will lead to a glut in 2022.<\/p>\n
Yet OPEC+ can’t even hit those goals. Production by OPEC+ was 700,000 bpd less than planned in both September and October, according to the International Energy Agency (IEA), raising the prospect of a tight market and high oil prices for longer.”<\/p>\n
…<\/p>\n
“plunging investment in production caused by the pandemic and environmental pressure on oil majors, particularly in poorer OPEC states, means just three OPEC members – Saudi Arabia, the United Arab Emirates and Iraq – have the extra capacity in place to hike supplies relatively quickly.”<\/p>\n
…<\/p>\n
“Saudi Arabia is now producing close to 10 million bpd but has never produced more than 11 million bpd for a sustained period of many months, even though it says it has more capacity available.”<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[217,272,355,314,576,578,577],"class_list":["post-6784","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-economics","tag-foreign-affairs","tag-foreign-policy","tag-international-relations","tag-oil","tag-oil-price","tag-opec"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/6784","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6784"}],"version-history":[{"count":1,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/6784\/revisions"}],"predecessor-version":[{"id":6785,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/6784\/revisions\/6785"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}