According to a report published last week by S&P Global Platts, the combined overproduction by OPEC and its allies have reached 3.316 million barrels per day (bpd).
Under the terms of the OPEC+ agreement, each member country must compensate for any excess production by cutting down on their volume before the end of September. This is needed to ensure stability of oil in the market and also allow the OPEC+ alliance to relax quotas for its members.
However, the current figures aren't very encouraging as in fact overproduction has worsened rising from 3.027 million bpd in February and 2.793 million bpd in January. Both Iraq and Russia have been cited to have the most notable excess at 707,000 bpd and 877,000 bpd respectively.
Other country members with similar violations are South Sudan with 557,000 bpd of overproduction and Kazakhstan at 435,000 bpd.
All OPEC+ members are set to roll back their quotas collectively by about 1.2 million bpd from April to July as they anticipate a rise in the global oil demand.