By Seher Dareen and Ahmad Ghaddar

LONDON (Reuters) -OPEC+ has delivered about three quarters of the extra oil output it targeted since the group started production hikes in April, and the level may fall closer to half later in the year as producers hit capacity limits, sources and analysts said and data showed.

OPEC+, which produces 50% of global oil and brings together the Organization of the Petroleum Exporting Countries and allies such as Russia, has been pumping almost 500,000 barrels per day below its targets. The shortfall, equal to 0.5% of global demand, has defied market expectations of a supply glut and supported oil prices.

Eight members of OPEC+ that introduced voluntary oil output cuts in April 2023 to support the market began raising output this April. OPEC+ total reduction

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