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OPEC+ sees slightly smaller oil surplus in 2022

OPEC+ sees the oil market this year slightly less supplied than expected, a day before a meeting to decide next month’s crude production levels.

In particular, the Joint Technical Committee (JTC) of OPEC+ which met yesterday, Tuesday, reduced its forecast for a surplus in the oil market this year by 200,000 barrels per day to 800,000 barrels, according to three representatives of the Organization who spoke to Reuters.

The Commission met ahead of the meeting of the ministers of OPEC and its allies led by Russia (OPEC+), tomorrow Wednesday.

One of Reuters’ sources said the Joint Committee, which advises the Agency on market fundamentals, did not discuss output policy at its meeting.

OPEC+ sources had told the agency last week that the organization would likely keep output unchanged in September or increase it slightly.

For its part, Fox News reported yesterday that Saudi Arabia will push OPEC+ to increase oil production at tomorrow’s meeting.

Oil prices today are moving with a controlled rise of around 0.8%, after the strong plunge of more than 4% yesterday.

Specifically, the Brent trades at 100.74 dollars a barrel with an increase of 0.7%, while the American one WTI moves up 0.8% to $94.61 a barrel.

Source: Capital

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