OPEC and Russia keep promising to pump more oil. They're not delivering
CNN
Here's one big reason oil prices are near a seven-year high: OPEC and Russia are producing less than they promised.
The Organization of the Petroleum Exporting Countries and 10 other major crude oil producers, including Russia, have been gradually increasing their output after taking 9.7 million barrels per day out of the market as demand collapsed in the early days of the coronavirus pandemic.
But the group, known as OPEC+, has repeatedly failed to meet its monthly target of adding back 400,000 barrels per day due to production shortfalls in several countries.
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