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Despite calls from the US, OPEC can’t pump a lot of extra oil

A Reuters article on capacity constraints limiting oil production is worth reading.

OPEC + has so far stuck to its plan to gradually increase production by 400,000 barrels per day every month since August. But even this level of production increase is out of reach, OPEC + production was 700,000 bpd lower than forecast in September and October, according to the International Energy Agency (IEA).

The lack of investment in production means that only three OPEC members – Saudi Arabia, the United Arab Emirates and Iraq – have the additional capacity in place to ramp up supplies relatively quickly.

Which increases the likelihood of higher prices for longer.

OPEC + includes Russian production.

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