The OPEC+ 's supply of oil to the global market is more than 500m barrels below its promised level, adding to concerns about the organisation's ability to balance global markets. In May 2020, the Organization of Petroleum Exporting countries (OPEC) coordinated production cuts with allies to rebalance the global oil market. Since then, OPEC+ 's cumulative production has been 562 million barrels less than the level stipulated in the agreement, according to the organization's Joint Technical Committee. OPEC+ 's compliance rate with the production reduction agreement soared to 256 per cent in May because member countries produced 2.7 million barrels a day below the organisation's collective target.