¬†OPEC+ is now producing below its targets by a record 3.58 million barrels per day – about 3.5% of global demand – highlighting underlying tight supply in the oil market, even as recession fears drag oil prices lower. Data from the Organization of the Petroleum Exporting Countries and allies led by Russia showed the group, known as OPEC+, showed that shortfall in August, which stood at more than OPEC number 3 producer the UAE’s output, was a record and 24% higher than July’s 2.89 million bpd in July. Reuters Graphics Oil prices rose on Tuesday to above $92, partly supported by news of the OPEC+ shortfall, but were headed for a fourth monthly decline ahead of an expected further U.S. interest rate hike which may curb economic growth and fuel demand. Reuters Graphics Two main factors have been derailing OPEC+’s ability to hit its […]