Reuters calculation based on OPEC data
- Assumptions include no further OPEC+ or Iran output
OPEC+ is returning about 2.1 mbpd from May through July but will announce production for August and perhaps beyond at Thursday's meeting. There have been reports that the plan is to increase in 500k bpd increments.
Overall reported spare capacity stands at 5.8m bpd but many market watchers believe the real number is lower.
WTI crude responded positively to this headline, rising to $74.06 from $73.80
