OPEC+ JTC raises 2022 oil market surplus forecast: Report

The OPEC+ Joint Technical Committee sees the oil market surplus this year reaching 900,000 barrels per day (bpd), up 100,000 bpd from its previous forecast, a report by the committee seen by Reuters showed.

Under its base case scenario, the JTC sees the oil market in a surplus of 3.1 million bpd in September, falling to 0.6 million bpd in October before rising to 1.4 million bpd in November.

The JTC, which meets on Wednesday, advises the Organization of the Petroleum Exporting Countries and allies led by Russia, collectively known as the OPEC+ group of oil-producing nations, on market fundamentals.

OPEC+ also expects a surplus of 900,000 bpd next year under its base scenario, the JTC’s report showed.