OPEC+ needs to fix daily oversupply of more than 2mln barrels -document | ZAWYA MENA Edition:
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.
In April the impact of the new coronavirus on air and road travel and other areas of the global economy sent benchmark oil prices LCOc1 below $16 a barrel.
The ongoing spread of the virus is now threatening oil demand recovery forecasts.
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