* OPEC+ overproduction 2.31 million bpd in May-July
* Iraq, Nigeria, Russia, Kazakhstan worst offenders
* Chart of OPEC+ overproduction: https://tmsnrt.rs/2YhUxcS
By Vladimir Soldatkin, Rania El Gamal and Ahmad Ghaddar
MOSCOW/DUBAI/LONDON, Aug 20 (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.
The ongoing spread of the virus is now threatening oil
demand recovery forecasts.
AUGUST-SEPTEMBER
The internal report seen by Reuters did not say how the
additional cuts would be distributed over August and September.
But if the 2.31 million bpd figure is adopted and spread equally
over the two months, it would take OPEC+ oil cuts to about 8.85
million bpd.
The report shows OPEC+ expects oil demand in 2020 to fall by
9.1 million bpd, 100,000 bpd more than in its previous forecast,
before rising by 7 million bpd in 2021.
However, OPEC+ also see an alternative scenario in which a
stronger and more-prolonged second wave of infections hits
Europe, the United States, India and China in the second half of
the year.
Under this scenario, demand is forecast to fall by 11.2
million bpd in 2020, sending OECD commercial oil inventories in
the fourth quarter to 233 million barrels above the latest
5-year average, the report showed.
Stocks would stand at 250 million barrels above the latest
5-year average in 2021.
COMPLIANCE
Data shows among OPEC members, Iraq and Nigeria were the
least compliant and even the United Arab Emirates, which made
additional voluntary cuts in June, overproduced by around 50,000
bpd over the May-July period.
Among non-OPEC participants, Russia and Kazakhstan
overproduced by 280,000 bpd and 190,000 bpd, respectively.
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OPEC+ Overproduction May-July OPEC+ Overproduction May-July https://tmsnrt.rs/2YjlrRF
Interactive OPEC+ Overproduction https://tmsnrt.rs/2YhUxcS
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(Editing by Jason Neely)