OPEC+ Excess Oil Production Rises To 3 Million Bpd

The cumulative excess production of the OPEC+ group has risen to 3 million barrels per day (bpd) through February, up from a cumulative excess production of 2.8 million bpd in January, Reuters reported on Tuesday, citing data from the Joint Technical Committee (JTC) meeting today. The excess production totaled 2.7 million bpd in December 2020, according to the data seen by Reuters. The compliance with the cuts of the ten OPEC members bound by the OPEC+ pact stood at 124 percent in February, while the compliance rate from the Russia-led non-OPEC…