S&P Global Platts said in its latest report many OPEC members may not have reached their planned increased quota in the month of September.

Key takeaways

“The coalition is producing far below what it said it would.”

“19 members with production quotas under the OPEC+ supply accord was a combined 570,000 b/d below their allocations for the month, bringing compliance to 111.5%.”

“The shortfalls have contributed to what many analysts say is a tight market.”

Market reaction

WTI is unimpressed by the above report, as it extends its correction from seven-year highs of $82.17 to now trade at $80.03, down 0.62% on the day.