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OPEC+ technical committee expects oil market surplus in 2022

Experts believe the supply surplus will be 1.7 mln barrels per day in average in 2022

MOSCOW, December 1. /TASS/. The balance on the global oil market in 2022 will shift to the supply surplus, expected to be the highest in January-March of the next year, the OPEC+ technical committee said in its report.

Experts believe the supply surplus will be 1.7 mln barrels per day in average in 2022, while there was shortage of 1.2 mln barrels per day in 2021. According to the base case scenario addressing the latest OPEC+ decisions and the announced sale of 50 mln barrels from strategic reserves by the US, oil surplus will be 2 mln barrels per day in January 2022, 3.4 mln barrels per day in February, and 3.8 mln barrels daily in March of the next year.

According to the alternative scenario that also addresses OPEC+ decisions and reserves release but on the back of slower demand growth, the surplus can be 3.1 mln barrels per day over the year. In this case, oil surplus will stand at 3.7 mln barrels per day in January 2022, 5.2 mln barrels per day in February, and 5.6 mln barrels daily in March of the next year.