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U.S. wants more oil, but OPEC+ can’t turn on the tap much harder

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Reuters

By Dmitry Zhdannikov and Ahmad Ghaddar LONDON (Reuters) – U.S. pressure on OPEC+ to pump more oil and cool red-hot crude prices has shone a spotlight on a relatively new problem for the producer group: it doesn’t have much extra capacity to hike output faster, even if it wanted to. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, are unwinding record supply curbs made in 2020 when demand cratered, but not fast enough for Washington which is fretting about prices near three-year highs. OPEC+, which includes Russia, has resisted pressure for swifter hikes, st…

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