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Opec+ struggles to meet its supply targets amid high crude prices

A recovery from Covid-19 and a shortage of refining capacity to make fuels continue to keep prices at record highs


Time-spreads that help gauge market health are also flashing bullish signs, while a price marker for Middle Eastern barrels has surged to a record (Photo: Bloomberg)

As President Biden prepares to go to Saudi Arabia in July, Opec+ members say the cartel and its allies have fallen far behind on their oil-production targets and are in their weakest position in recent years to help tame high crude prices.

Oil rallied for a fourth day as a government report showed US stockpiles dropped last week, exacerbating global supply concerns with shipments from Libyan ports suspended. Brent crude futures for August were little changed at $117.9 a barrel by 09.17 GMT. The August contract will expire on Thursday and the more-active September contract was at $114.06, up 23 cents,

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First Published: Jun 30 2022 | 1:01 AM IST

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