Efforts by OPEC+ oil producers to boost output are “not encouraging”, UAE energy minister Suhail al-Mazrouei said on Wednesday, noting the group was currently 2.6 million barrels per day short of its target.
“According to last month’s report, we have seen the conformity (to output cuts) of the OPEC+ group and the conformity was more than 200 percent,” Mazrouei told an energy conference in Jordan.
Conformity above 100 percent means a country is producing less than what it is supposed to be as OPEC+ looks to gradually remove its production curbs.
The recent statement comes after OPEC+ revealed plans to increase production by 648,000 barrels per day in both July and August, bringing forward the end of the historic output cuts OPEC+ implemented during the throes of the pandemic.
The group has been slowly returning the nearly 10 million barrels per day it agreed to pull from the market in April 2020.
In recent months, output has risen between 400,000 and 432,000 barrels per day each month.
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