OPEC meeting preview – “most OPEC producers are struggling to raise output”

  • reports that OPEC is exploring the idea of exempting Russia from its oil-production deal. This could lead to other member such as Saudi Arabia and UAE pumping more crude oil.
  • The oil producing alliance is due to meet on Thursday to discuss its production agreement that has stabilised oil markets over the past couple of years.
  • But the fact remains that most OPEC producers are struggling to raise output. Despite record high prices, many producers have been unable to invest in new fields or even maintain maintenance. Case in point is Libya, which is facing further disruption to output as its Sarir-Hariga pipeline suffers leaks, leading to losses of more than 300kb/d.
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