OPEC +, the group of major producers led by Russia and Saudi Arabia, produced more oil in the period from May to October, violating the ceiling set in the cut pact production record agreed in April to help rebalance an oversupplied market.
The poster pumped up 2,346 million barrels per day (bpd) more than allowed for the pact, compared to the 160,000 bpd seen in volumes from May to September, as noted by Oillahoma.
In other words, to ensure full compliance with the production cut agreement, major producers now need to remove 2.36 million bpd of supply from the market.
OPEC + was set to increase production in January, as the world economy showed signs of rebounding in the third quarter. However, with the recent resurgence of the coronavirus, producers are considering a delay in increasing supply.
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