OPEC+ sources: members produced 2.9 million bpd below output targets in July. The gap between overall quota and actual oil production from the OPEC+ members has been growing for more than a year. While the Saudis have been raising production in recent months, Russia has not. OPEC+ members produced 2.9 million barrels per day (bpd) below their collective oil production target in July, two OPEC+ sources told Reuters on Monday. The gap between overall quota and actual oil production from the OPEC+ members has been growing for more than a year, with many producers unable to raise production due to capacity and/or investment constraints, while the alliance has added more barrels to its monthly oil production target. Moreover, production in Russia, albeit stabilized at a level from February, just before the invasion of Ukraine, hasn’t increased as it should have been under the OPEC+ agreement. Russia, the leader of […]