OPEC+ reportedly miss output target by 2.9 mil bpd in July Reuters reports, citing two sources from the bloc

It is being reported that sanctions on some members and low investment by others hindered the bloc from producing as it should. For some context, the compliance with production targets stood at 546% in July – that compares with 320% in June.

In other words, OPEC+ is producing nowhere near their output targets (which have been increased over the course of the year) and even with Saudi Arabia and UAE believed to be the only ones with spare capacity, they aren’t pressing the pumps either. As a reminder, the bloc agreed to increase its output target by 100k bpd for September in what was a rather trivial gesture.

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