OPEC and its allies have overproduced their quotas by a cumulative 3.316 million b/d through the end of March, with Russia and Iraq the most egregious offenders, according to an internal document seen by S&P Global Platts. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Under the terms of the OPEC+ agreement, each country must compensate for any excess production with cuts of equivalent volume below its quota by the end of September. The extra cuts, if fulfilled, could go a long way towards speeding the market’s rebalancing, or provide the OPEC + alliance some breathing room to relax quotas for the rest of its members, though the figures show scant progress has been made on this compensation over the past few months. In fact, the overproduction has worsened, rising from 3.027 million b/d in February and 2.793 million b/d in January, the […]