OPEC+ Over-Compliance Leaves Room for Saudi Oil-Output Boost
- Oil exporter group pumping 500,000 barrels a day below target
- Officials aren’t mulling new output plan in Algiers: delegates
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OPEC and its allies are pumping half a million barrels a day below the target they set just a few months ago, suggesting there’s room for Saudi Arabia to open the taps. Whether or not it will do so is unclear.
The so-called OPEC+ group reached 129 percent of its target in August, meaning it pumped less than it pledged in June, Russian Oil Minister Alexander Novak said before a meeting on Sunday in Algeria. Russia and Saudi Arabia are among the few producers able to ramp up supply, though any increase would cut the cushion of spare capacity, testing their ability to react to future disruptions.