A 3D-printed oil pump jack is seen in front of the OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
MOSCOW, July 29 (Reuters) - The OPEC+ group produced almost 3 million barrels per day less crude than foreseen by its quotas in June as sanctions on some members and low investment by some others crippled its ability to assuage the worlds energy crisis, a report showed Friday.
The development is a further setback for the U.S. administration of Joe Biden, which had been hoping that OPEC could raise output to compensate for Russian supply disruptions and slow down rising fuel costs and broader inflation.
Russian Interfax news agency, citing a source familiar with the data, said level of underproduction by OPEC+ jumped to 320% in June from 256% in May and 220% a month earlier.
It also said that the OPEC+ group's combined oil underproduction from the planned levels was 2.84 million barrels per day last month.
Most OPEC producers have suffered from chronic underinvestment due to price downturns in recent years as well as pressure on investors to dump fossil fuel and find alternative energies instead.
OPEC+ will consider keeping oil output unchanged for September when it meets next week, despite calls from the United States for more supply, although a modest output increase is also likely to be discussed, eight sources said. read more
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German crude oil import volumes rose 13.5% in the first seven months of 2022 on a year-on-year basis as the economy recovered from the COVID-19 pandemic, while the bill more than doubled due to higher prices, official data showed on Friday.
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