OPEC Oil Output Lags Behind Targets Despite Pledges to Boost Supplies

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Oil manufacturing from the Group of the Petroleum Exporting Nations continued to lag behind targets in June, elevating contemporary issues about whether or not the cartel is capable of easing the worst supply crisis in decades forward of a meeting between President Biden and the group’s largest members.

Output from the ten OPEC members concerned within the cartel’s plans to progressively increase manufacturing to prepandemic ranges rose to 24.81 million barrels a day in June, the group stated, in line with knowledge from a set of secondary sources. That put it roughly 1.06 million barrels a day behind its agreed-upon quota for June of 25.87 million barrels a day.

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