MOSCOW/DUBAI/LONDON: Some members of the OPEC+ group of oil-producing nations would need to slash output by an extra 2.31 million barrels per day (bpd) to make up for their recent oversupply, an internal OPEC+ report seen by Reuters shows.
The surplus seen between May and July ought to be compensated for in August and September, the report said.
OPEC+ – which includes members of the Organization of the Petroleum Exporting Countries and other producers including Russia – stepped up their joint output cuts to a record 9.7 million bpd in May before tapering them to 7.7 million bpd this month.
