Despite US pleas OPEC cannot pump much extra oil

A piece from Reuters on capacity constraints limiting oil output, worth a read. 

OPEC+ is so far sticking to its plan of gradually raising output by 400,000 barrels per day each month since August. But, even this level of production boost is out of reach, OPEC+ production was 700,000 bpd less than planned in both September and October, according to the International Energy Agency (IEA).

Lack of investment in production means just three OPEC members – Saudi Arabia, the United Arab Emirates and Iraq – have the extra capacity in place to hike supplies relatively quickly.

Which increases the probability of higher prices for longer. 

OPEC+ includes Russian output. 

A piece from Reuters on capacity constraints limiting oil output, worth a read. 

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