Opec-Plus: Russia Sparks Largest Surge in Nine Months

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The group of producers in Opec-plus with monthly targets boosted output by 610,000 barrels per day in June, the largest monthly gain since September. But the 38.05 million b/d cranked out by these 19 countries was still 2.75 million b/d lower than their collective target of 40.8 million b/d for the month — an enormous shortfall that alliance leaders are likely to welcome in private now that oil benchmarks have fallen around 15% since mid-June and are under pressure from ominous signs for the global economy.

Crude Oil, Oil Supply, Opec-Plus Supply
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