The OPEC+ group was falling behind its overall crude oil production target by a massive 2.695 million barrels per day (bpd) in May due to Western sanctions on Russia and capacity constraints at several other producers unable to pump to quotas, a document from OPEC+ seen by Reuters showed on Thursday. Last month saw a larger gap in the overall production at OPEC+ members compared to the group’s target, according to estimates from secondary sources cited by the OPEC+ document. Compliance with the cuts jumped to 256% n May, up from 220% in April, indicating that the underproduction problem at OPEC+ deepened as the targets were lifted by 432,000 bpd last month. Russia, the largest non-OPEC producer in the OPEC+ pact, saw its production increase slightly in May compared to April, but it was still well below the Russian target per the deal. Hit by self-sanctioning, sanctions, and now […]