The OPEC+ group has as much as 2.31 million barrels per day (bpd) of oil production above the collective quota for May-July to offset in August and September, Reuters reported on Thursday, quoting an internal OPEC+ document it had seen. OPEC+ launched in May a record 9.7 million bpd production cut in response to the crash in demand in the pandemic. The cuts are being eased to 7.7 million bpd as of August 1, a month later than initially planned. Non-compliant members promised to offset their poor compliance between May and July with extra cuts in August and September. The internal document Reuters has seen does not explain in detail how those extra cuts would be distributed in August and September. The estimates from OPEC+ show that Iraq was overproducing at a rate of 851,000 bpd between May and July—this was the least compliant member of the pact. Iraq […]