OPEC+ panel tightens oil market outlook for this year and next - BNN Bloomberg

The alliance’s committee of technical experts slashed forecasts for this year’s supply surplus in half, to 400,000 barrels a day, according to a report from the panel. It flipped projections for next year from an overhang of 900,000 barrels a day to a deficit of 300,000 a day.

Oil prices have slumped for three months in a row, their longest run of declines since 2020, on concerns that slowing economic growth in China and tighter monetary policy in the US could curtail fuel demand. Futures traded near US$89 a barrel in New York on Wednesday. The prince added the Organization of Petroleum Exporting Countries -- which revived world markets during 2020’s COVID slump with massive output cuts -- is again prepared to trim supplies. Many OPEC+ nations have since rallied behind his call, which was given further support Wednesday by the JTC.

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