MOSCOW/DUBAI/LONDON (Reuters) - Some members of the OPEC+ group of oil-producing nations would need to slash output by an extra 2.31 million barrels per day (bpd) to make up for their recent oversupply, an internal OPEC+ report seen by Reuters shows.

The surplus seen between May and July ought to be compensated for in August and September, the report said.

OPEC+ - which includes members of the Organization of the Petroleum Exporting Countries and other producers including Russia - stepped up their joint output cuts to a record 9.7 million bpd in May before tapering them to 7.7 million bpd this month.

In April the impact of the new coronavirus on air and road travel and other areas of the global economy sent benchmark oil prices LCOc1 below $16 a barrel.

More in category

ByteDance says TikTok Global plans public offering
September 20, 2020Reuters
ByteDance says TikTok Global plans public offering
This chart signal says stop buying megacap technology stocks
September 20, 2020MarketWatch
This chart signal says stop buying megacap technology stocks
Amy Coney Barrett emerges as Trump’s front-runner to fill Ruth Bader Ginsburg’s Supreme Court seat: reports
September 19, 2020MarketWatch
Amy Coney Barrett emerges as Trump’s front-runner to fill Ruth Bader Ginsburg’s Supreme Court seat: reports
Yes, the U.S. economy really does need more fiscal stimulus – and the stock market knows it
September 19, 2020MarketWatch
Yes, the U.S. economy really does need more fiscal stimulus – and the stock market knows it
The easy part of the U.S. economic recovery is over. Now comes the hard part.
September 19, 2020MarketWatch
The easy part of the U.S. economic recovery is over. Now comes the hard part.
‘Trump Cards’? Drug companies reportedly balked at White House insistence on sending cash cards to America’s seniors
September 18, 2020MarketWatch
‘Trump Cards’? Drug companies reportedly balked at White House insistence on sending cash cards to America’s seniors
Dr. Fauci: ‘We may be able to put this coronavirus outbreak behind us’ — but he says Americans must play a critical role
September 18, 2020MarketWatch
Dr. Fauci: ‘We may be able to put this coronavirus outbreak behind us’ — but he says Americans must play a critical role
Jeff Zucker Helped Create Donald Trump. That Show May Be Ending.
September 20, 2020The NY Times
Jeff Zucker Helped Create Donald Trump. That Show May Be Ending.
Oil prices slip on potential Libyan oil return; Gulf storm supports
September 20, 2020Reuters
Oil prices slip on potential Libyan oil return; Gulf storm supports
Banks Suspected Illegal Activity, but Processed Big Transactions Anyway
September 20, 2020The NY Times
Banks Suspected Illegal Activity, but Processed Big Transactions Anyway
Emmys 2020: The complete list of winners and nominees
September 20, 2020CNBC
Emmys 2020: The complete list of winners and nominees
‘There’s No There There’: What the TikTok Deal Achieved
September 20, 2020The NY Times
‘There’s No There There’: What the TikTok Deal Achieved
World's top companies urge action on nature loss ahead of U.N. talks
September 20, 2020Reuters
World's top companies urge action on nature loss ahead of U.N. talks
'FinCEN' documents reportedly show banks moved illicit funds - BuzzFeed, ICIJ
September 20, 2020Reuters
'FinCEN' documents reportedly show banks moved illicit funds - BuzzFeed, ICIJ
Oil refiners worldwide struggle with weak demand, inventory glut
September 20, 2020Reuters
Oil refiners worldwide struggle with weak demand, inventory glut
Ian Bremmer explains what the next global crisis could look like — and why we need It
September 18, 2020MarketWatch
Ian Bremmer explains what the next global crisis could look like — and why we need It
Joe Biden and Cannabis: Everything You Need to Know
September 20, 2020The Motley Fool
Joe Biden and Cannabis: Everything You Need to Know
Community Colleges Can Be Engines of Economic Recovery
September 17, 2020The NY Times
Community Colleges Can Be Engines of Economic Recovery
Deal Is a Restructuring for TikTok: Hathaway Global Strategies
September 20, 2020Bloomberg
Deal Is a Restructuring for TikTok: Hathaway Global Strategies
Bill Gates says it's 'outrageous' Americans still can't get coronavirus test results in 24 hours
September 20, 2020CNBC
Bill Gates says it's 'outrageous' Americans still can't get coronavirus test results in 24 hours
TikTok-Oracle Deal Wins Trump’s Approval
September 20, 2020Bloomberg
TikTok-Oracle Deal Wins Trump’s Approval