By Adedapo Adesanya
**Avoids debate on September plans
The Organisation of the Petroleum Exporting Countries and allies (OPEC+) said on Thursday that it would stick to its planned oil output hike for August 2022.
However, the alliance avoided discussing policy from September onwards even as prices have risen on tight global supplies and worries that the group has little ability to pump more crude.
Thursday’s meeting of the group that includes Saudi Arabia, Russia and other major oil producers was held days before US President, Mr Joe Biden, travels to the Middle East, including Saudi Arabia where he is expected to press the kingdom for more oil in order to bring down the biting cost of fuel.
At its last gathering on June 2, OPEC+, whose 23 members control half of the world’s oil production, decided to increase output each month by 648,000 barrels per day in July and August, up from a previous plan to add 432,000 barrels per day per month.
Prices have slipped since then but were still above $115 a barrel on Thursday because of tight supplies and concerns that OPEC states had little extra capacity to raise output swiftly.
The alliance pumped nearly 3 million barrels a day less than its collective production target of about 42 million barrels a day in May, according to an independent assessment report commissioned by OPEC.
The shortfall was due mainly to falling production in sanctions-hit Russia and chronic output problems in Nigeria, Angola and some other countries, according to the delegates.
Saudi Arabia and the United Arab Emirates—which have the so-called spare capacity to raise their production—also say they actually have limited ability to beef up output in real terms.
Oil prices have surged to their highest levels since 2008, climbing above $139 a barrel in March, after the United States and Europe imposed sanctions on Russia over its invasion of Ukraine.
Dipo Olowookere