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OPEC Reduced 2022 Oil Surplus Estimate

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OPEC reduced 2022 global oil surplus estimate in 2022 to 1.4mbpd from 1.9mbpd.

  • They reduced demand-growth by 300kbpd to 3.4mbpd,
  • They reduced supply-growth by 600kbpd to 6.7mbpd
  • Market estimates will now be reviewed by JTC ahead of the ministerial meeting tomorrow

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