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Fundamentals

Opec-Plus: August Output Jumps, But So Does Shortfall

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Opec-Plus Faces Growing Tensions

The group of countries within Opec-plus operating on a quota basis produced 38.69 million b/d of crude oil in August, a 411,000 b/d increase on July, Energy Intelligence’s most recent analysis shows. The monthly gain was 237,000 b/d shy of the tapering that the alliance had approved in June, while the aggregate result was an enormous 3.4 million b/d off the required production level for the 19 producers with a monthly target. This is the largest shortfall yet and illustrates that Opec-plus’ output targets are increasingly artificial and have little basis in the reality of widespread capacity constraints.

Topics:
Oil Supply, Opec-Plus Supply , Crude Oil
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