Opec+ struggles to meet its supply targets amid high crude prices
As President Biden prepares to go to Saudi Arabia in July, Opec+ members say the cartel and its allies have fallen far behind on their oil-production targets and are in their weakest position in recent years to help tame high crude prices.
Oil rallied for a fourth day as a government report showed US stockpiles dropped last week, exacerbating global supply concerns with shipments from Libyan ports suspended. Brent crude futures for August were little changed at $117.9 a barrel by 09.17 GMT. The August contract will expire on Thursday and the more-active September contract was at $114.06, up 23 cents, or 0.2 per cent. West Texas Intermediate rose as much as 2.4 per cent to trade near $114 a barrel.
