opec: OPEC+ trims 2022 oil market surplus forecast in latest data

LONDON: OPEC+ revised down its forecast for the 2022 oil market surplus by about 200,000 barrels per day (bpd) to 1.1 million bpd, in line with a base situation in a technical committee report seen by Reuters on Sunday.

The information – a part of a report the Joint Technical Committee (JTC) prepares for OPEC+ ministers – additionally reveals shares within the developed world standing at 62 million barrels beneath the 2015 to 2019 common by the top of the 12 months.

In a earlier forecast it had predicted the shares would attain 20 million barrels above the identical common by that time.

Ministers from the Group of the Petroleum Exporting Nations (OPEC)) and allies led by Russia, a grouping often called OPEC+, meet on March 2 to determine whether or not to extend output by 400,000 bpd in April.

Sources from the group advised Reuters their output deal is exhibiting no cracks thus far after Russia’s invasion of Ukraine, and the group is prone to persist with a deliberate output rise regardless of crude topping $100 a barrel.

Information from a separate JTC report seen by Reuters on Sunday confirmed the group produced in January 972,000 bpd lower than the targets outlined by the deal, in contrast with 824,000 much less in December.