OPEC+ struggles to hit production targets with oil demand on the rise

The oil market will be oversupplied by 1.3 million b/d in 2022 if OPEC and its allies fully unwind their production cuts as planned, the group’s advisory technical committee heard Feb. 1, as ministers appear likely to approve another 400,000 b/d hike in quotas for March. But the inability of several members to hit their quotas over the past several…