# OPEC+ needs to fix daily oversupply of more than 2 MM barrels

> An internal OPEC+ report seen by Reuters shows some members overproduced and would need to cut an extra 2.31 million bpd to compensate for May to July. The report expects 2020 demand to fall by 9.1 million bpd, with a more severe second-wave scenario also modelled.

- Date: 2020-08-20 · published 2020-08-20T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/51538-opec-needs-to-fix-daily-oversupply-of-more-than-2-mm-barrels
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Required catch-up cuts of this size would tighten supply in August and September, which is bullish for crude prices if enforced.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-12-06 | [OPEC, allies to lower oil output 500,000 barrels more](https://feedsoft.ai/events/55495-opec-allies-to-lower-oil-output-500-000-barrels-more.md) | +1.4% | +7.8% |
| BRENT | 2022-07-29 | [Oil up over $2 per barrel as hopes fade for OPEC+ supply boost \| Reuters](https://feedsoft.ai/events/40404-oil-up-over-2-per-barrel-as-hopes-fade-for-opec-supply-boost-reuters.md) | -11.4% | -8.6% |
| BRENT | 2021-11-04 | [Opec+ to increase output by 400,000 bpd despite US pressure for more oil supply \| The National](https://feedsoft.ai/events/43984-opec-to-increase-output-by-400-000-bpd-despite-us-pressure-for-more-oil-supply.md) | +1.5% | -15.1% |
| BRENT | 2019-06-28 | [Arab News \| OPEC ‘set to roll over supply  deal, discuss deeper oil curbs’](https://feedsoft.ai/events/58527-arab-news-opec-set-to-roll-over-supply-deal-discuss-deeper-oil-curbs.md) | -4.4% | -4.9% |
| BRENT | 2016-12-27 | [Venezuela Aims to Cut 95,000 Barrels Per Day of Crude Output in OPEC Deal](https://feedsoft.ai/events/73637-venezuela-aims-to-cut-95-000-barrels-per-day-of-crude-output-in-opec-deal.md) | +1.3% | +1.0% |
| WTI | 2019-12-06 | [OPEC, allies to lower oil output 500,000 barrels more](https://feedsoft.ai/events/55495-opec-allies-to-lower-oil-output-500-000-barrels-more.md) | +1.3% | +7.9% |
| WTI | 2022-07-29 | [Oil up over $2 per barrel as hopes fade for OPEC+ supply boost \| Reuters](https://feedsoft.ai/events/40404-oil-up-over-2-per-barrel-as-hopes-fade-for-opec-supply-boost-reuters.md) | -8.0% | -5.2% |
| WTI | 2021-11-04 | [Opec+ to increase output by 400,000 bpd despite US pressure for more oil supply \| The National](https://feedsoft.ai/events/43984-opec-to-increase-output-by-400-000-bpd-despite-us-pressure-for-more-oil-supply.md) | +0.5% | -17.6% |

## Sources

- hydrocarbonprocessing.com: https://www.hydrocarbonprocessing.com/news/2020/08/opecplus-needs-to-fix-daily-oversupply-of-more-than-2-mm-barrels/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.