OPEC+ compliance with oil output cuts seen at 115% in September - sources

Author: Justin Low | Category: News

OPEC+ fails to pump enough oil once again last month

The bloc is said to have cut its production 15% deeper than planned in September, as compared with the 16% in August and 9% in July. That just reaffirms that they failed once again to pump enough oil to meet the output target, despite a reduction in the quota - exacerbating the supply deficit in the market.

As mentioned before, OPEC+ is arguably the key driver of supply-demand conditions in the oil market right now as shale players are not coming back into the picture for the time being. With a lack of threat of increasing supply, oil prices are likely to stay underpinned.

Invest in yourself. See our forex education hub.
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose