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) for a month to make up for their oversupply between May and July.
That oversupply above OPEC+ agreed targets ought to be compensated for in August and September. OPEC+ sources said if additional cuts were spread over more than one month, the daily reduction would be smaller than 2.31 million barrels.
An OPEC+ report showed the monthly oversupply totals of May, June and July were added to produce the 2.31 million bpd total, which was not the average daily overproduction for the period.
“Real monthly overproduction over the period was much smaller,” one OPEC+ source said.
“In May it was about 1.3 million bpd, in June 0.5 million bpd and July 0.5 million bpd,” a second source said.
That adds up to a total of 70 million barrels, or enough to load 70 large Suezmax tankers.
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