OPEC meets amid output struggles, US pressure for more oil

Euractiv | Aug 3, 2022 at 11:54 AM
  • The OPEC+ is set to meet on Wednesday (3 August) amid market expectations for a steady or a slight increase of oil output as most of its members are already pumping near capacity and cannot meet U.S. calls for bigger production to help address soaring prices.
  • OPEC has been increasing output in line with its targets by about 430,000-650,000 barrels per day a month in recent months and has refused to switch to speedier output increases.
  • Only Saudi Arabia and the UAE are believed to have some spare capacity left to increase production.