Oil production in the Organization of the Petroleum Exporting Countries continued to miss targets in June, raising fresh concerns about whether the cartel can ease its worst supply crisis in decades ahead of a meeting between President Biden and the group’s top members.
Production by the 10 OPEC members, which are part of the cartel’s plans to gradually raise output to pre-pandemic levels, rose to 24.81 million barrels per day in June, the group said, according to secondary data. That’s about 1.06 million bpd short of the agreed June quota of 25.87 million bpd.
