OPEC and its allies once again failed to pump enough oil to meet their output targets, exacerbating the supply deficit supply as the world recovers from the coronavirus pandemic.
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OPEC cut its production 15% deeper than planned in September, compared to 16% in August and 9% in July, according to delegates with knowledge of the matter.
This reflects the inability of some members - including Angola, Nigeria and Azerbaijan - to raise output to agreed volumes due to a lack of investment, exploration and other issues. In theory, OPEC could have pumped an extra 747,000 barrels a day in September and remained within its agreed production limit.
The Organization of Petroleum Exporting Countries and its allies, which includes Russia, have been under pressure from major consumers to accelerate the pace of their supply increases. These calls have become louder as the energy crisis has engulfed Europe, sending power prices to record levels.
Brent has rallied to the highest level since October 2014 as some power producers switch to oil in tandem with the global recovery. The demand for U.S. crude is also increasing as the energy crisis raises prices for other grades priced against the global benchmark Brent.
The latest pressure came from Japanese Prime Minister Fumio Kishida who urged producers on Monday to ramp up output in the face of the recent price rise. He added that his government will be watching price trends in the market to assess its effects on domestic industries.
If prices do not turn around, the next OPEC meeting will take place on 4 Nov. with heightened political pressure from consumers.
The meeting will also coincide with climate talks under COP 26 in Glasgow. With World leaders meeting to extract more ambitious promises from governments and global business to prevent a climate catastrophe, attention on the producer-group will be even higher.
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