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OPEC+ technical committee revises oil market surplus to 1.3 mln barrels/day in 2022

According to the report, the unfolding geopolitical tensions have impacted market sentiment and overshadowed recent upside trends

MOSCOW, March 31. /TASS/. The oil market will face higher than expected supply surplus that will be 1.3 mln barrels per day in average in 2022, the OPEC+ Joint Technical Committee (JTC) said in its report seen by TASS.

According to the document, the demand growth forecast is kept at 4.2 mln barrels per day. The oil supply will grow by 7.2 mln barrels per day to 102.2 mln barrels daily.

In line with a more pessimistic scenario, the supply surplus may grow to 1.9 mln barrels per day.

"The unfolding geopolitical tensions have impacted market sentiment and overshadowed recent upside trends, including the continued global economic recovery; steady oil fundamentals amid improvements in mobility; benefits from the ongoing influx of government financial stimulus; and the economically less disruptive Omicron (coronavirus - TASS) variant," the Committee noted in the comment.

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