The OPEC+ group has overproduced as much as 2.346 million barrels per day (bpd) over their collective quota since the start of the record production cuts, a source with knowledge of internal monitoring of the pact told Russian news agency TASS on Wednesday. Between May and October, participants in the OPEC+ agreement pumped 2.346 million barrels more than allowed under the pact, up by 160,000 bpd compared to May to September volumes, according to the source. This means that if the OPEC+ alliance were to fully comply to the letter with the deal, it needs to offset this overproduction. The OPEC countries pumped 1.32 million bpd over quota, largely due to Iraq’s non-compliance in the early months of the deal, before Saudi Arabia scolded the OPEC+ members for dodging their obligations. Iraq still has a lot to compensate—its overproduction was 600,000 bpd between May and October. Russia, the leader […]