Squeezed Global Spare Oil Capacity Limits OPEC+ Output Hike

Squeezed Global Spare Oil Capacity Limits OPEC+ Output Hike

From eurasiareview.com

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, has agreed to a further 100,000 barrels per day oil production hike from September as it warned of a lack of spare capacity for any greater increases. The alliance, which includes Russia, held a meeting on Wednesday to discuss output levels amid calls from the US to ramp up production to cool the international oil market. The increase will mean the 23-nation group, which includes Russia, will raise output by 748,000 bpd from next month. In a statement after the meeting, OPEC+ warned that a lack of investment into the upstream sector ... (full story)

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