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.