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OPEC+ misses oil-production target again as some members struggle to raise oil output Updated: 2021-10-19 17:01:02 KST

OPEC-Plus, which is made up of non-OPEC oil-producing countries such as Russia, failed to meet its production target again in September amid a sharp rise in international oil prices.
Citing sources, Reuters reported on Monday that OPEC-Plus' compliance to its pledged oil cuts fell slightly to 115 percent in September, showing that while it raised production targets, some members are falling short.
The Organization of the Petroleum Exporting Countries raised its output targets by 400-thousand barrels per day in September and also agreed to a raise of another 400-hundred thousand barrels per day in October and November.
However, according to reports, members like Angola and Nigeria failed to raise output due to underinvestment and maintenance problems.
It's an issue that's expected to continue impacting West African producers for the foreseeable future.
Saudi Arabia is also defending its policy of gradual production hikes, despite calls from major consumers like the U.S. to further raise supplies as oil prices spike.
OPEC-Plus is scheduled to hold a meeting on November 4th to discuss issues related to oil production.
Seo Eunkyung, Arirang News.
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