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OPEC JTC Increase Oil Surplus Forecast

OIL

OPEC JTC increased oil surplus forecast up to 0.9mbpd in 2022, up 0.1mbpd from previous forecast

  • OPEC+ sees oil market surplus increasing from 0.6mbpd in Oct to 1.4mbpd in Nov
  • Under the base case demand scenario OPEC expects a 0.9mbpd surplus in both 2022 and 2023.
  • The increasing surplus could potentially be used as a reason to cut production when the group meet on Sep 5.

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