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Sources Suggest OPEC+ Produced 2.9mbpd Below Target in July

OIL

OPEC+ produced 2.9mbpd below target in July according to Reuters

  • Sanctions on some members and low investment by others were limiting their ability to raise output according to two sources from the producer group.
  • Compliance with the production targets was 546% in July the sources said, compared with 320% in June
  • OPEC+ agreed to increase output by 648k bpd in each of July and August followed by another 100kbpd in September.

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