OPEC + cuts its forecast for an oil market surplus in view of an upcoming meeting

A report seen by Reuters showed that oil producer group OPEC + reduced its forecast of an oil market surplus for 2022 to one million barrels per day, from 1.4 million barrels per day in previous estimates. .

The report has been prepared in view of the meeting of the OPEC + Joint Technical Committee, to be held tomorrow, Tuesday.

The Organization of Petroleum Exporting Countries (OPEC) has announced that it will hold its meeting next Wednesday, according to a statement from the organization.

The “OPEC Plus” alliance is expected to hold its meeting the next day, June 30th.

OPEC Plus had decided to increase oil production by 648,000 barrels per day in July, at the same pace as in August, compared to a previous increase of 432,000 barrels.

In a related context, the US Energy Information Administration said the global excess of crude oil production capacity in May was less than half of the media in the same month last year due to Western sanctions against Russia due to its invasion of Ukraine.

Estimates from the Energy Information Administration indicate that overcapacity decreased by 80% in non-OPEC countries in May from the previous year.

While OPEC’s surplus fell to 3.0 million barrels a day by May 2022 from 5.4 million barrels a day a year ago, according to Reuters.

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