OPEC+ Supply Hikes Enough to Prevent Market Overheat, Oman Says
- Coalition doesn’t want to see oil rallying to $100: Rumhi
- Production capacity is limited by lack of investment: minister
Oil pumping jacks, also known as "nodding donkeys", operate in an oilfield near Neftekamsk, in the Republic of Bashkortostan, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
OPEC and its allies don’t want crude prices to climb to $100 a barrel, and are reviving production quickly enough to prevent global markets from “overheating,” Oman’s oil minister said.
The Organization of Petroleum Exporting Countries and its allies, a 23-nation group led by Saudi Arabia and Russia, continues to restore output halted during the pandemic at a gradual pace of 400,000 barrels a day -- though in practice its increases have been restricted by internal unrest and depressed budgets. Crude prices have rallied this year, topping $80 a barrel in London.