All news

OPEC+ Technical Committee revises oil market surplus to 1 mln barrels day in 2022

The forecast was revised downward in view of inclusion of updated 2021 and January-May 2022 data into the report, OPEC+ experts said

MOSCOW, June 27. /TASS/. The OPEC+ Joint Technical Committee (JTC) expects that the surplus offer on the oil market will be 1 mln barrels per day in average in 2022, compared to 1.4 mln barrels per day projected one month ago, according to the JTC report seen by TASS

The forecast was revised downward in view of inclusion of updated 2021 and January-May 2022 data into the report, OPEC+ experts said.

JTC has kept the forecast of oil demand growth in 2022 at the level of 3.4 mln barrels per day, meaning consumption of 100.29 mln barrels daily in absolute terms, according to the document.

Oil supplies from non-OPEC countries can move up by 2.1 mln barrels daily to 65.7 mln barrels per day in 2022, JTC experts said.

Tags