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 ...
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 to make up for their recent oversupply, an internal OPEC+ report seen by Reuters shows.
In April the impact of the new coronavirus on air and road travel and other areas of the global economy sent benchmark oil prices below US$16 a barrel.AdvertisementThe internal report seen by Reuters did not say how the additional cuts would be distributed over August and September. But if the 2.31 million bpd figure is adopted and spread equally over the two months, it would take OPEC+ oil cuts to about 8.85 million bpd.
However, OPEC+ also see an alternative scenario in which a stronger and more-prolonged second wave of infections hits Europe, the United States, India and China in the second half of the year.
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