OPEC + Needs to Contend With a Daily Surplus of More Than 2M Barrels

An internal OPEC + report seen by Reuters showed that some members of the group of oil-producing countries will need to reduce production by an additional amount of 2.31 million barrels per day to compensate for the recent excess supplies.

The report said that the surplus recorded in the period between May and July should be compensated in August and September.

The internal report seen by Reuters did not say how the additional cuts would be distributed over the course of August and September. However, if the figure of 2.31 million barrels per day were adopted and distributed evenly over two months, this would bring OPEC + oil production cuts to about 8.85 million barrels per day.