Document: OPEC + Joint Technical Committee expects 300K ‎bpd deficit in oil market during 2023‎

A document showed today, Thursday, that the joint technical committee of OPEC + expects a deficit in the oil market in 2023, amounting to 300,000 barrels per day, and it took into account the production shortage of some member countries in its forecasts for the oil market.

According to “Reuters”, the document showed that the committee expects the deficit to widen to 1.8 million barrels per day in the fourth quarter of 2023.

The document added that the committee indicated that preliminary data for commercial oil stocks in the Organization for Economic Cooperation and Development will remain below the five-year average for the remainder of 2022 and through 2023.