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OPEC+ Tech Committee revises oil surplus forecast down to 0.8 mln barrels/day in 2022

OPEC+ experts also predict that the oil supply surplus will stand at 0.5 mln barrels daily in 2023

MOSCOW, August 2. /TASS/. The Joint Technical Committee (JTC) of OPEC+ expects that the supply surplus on the global oil market in 2022 will be 0.8 mln barrels daily in average in the base case, according to the JTC report seen by TASS.

The Committee has revised the estimate by 200,000 barrels downwards against the prior forecast. OPEC+ experts also predict that the oil supply surplus will stand at 0.5 mln barrels daily in 2023.

According to the worst case scenario, the surplus on the world’s oil market will grow to 1.3 mln in each of 2022 and 2023. The best case scenario sees the oil supply surplus as amounting to 0.5 mln barrels daily in 2022 and 0.4 mln barrels per day in 2023.

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