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OPEC+ sees tighter oil market until May 2022

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OPEC+ expects the oil market to be in deficit at least until the end of 2021 and stocks to stay relatively low until May 2022, OPEC+ sources said on Tuesday, a day ahead of a policy meeting amid U.S. pressure to raise production.

The Organization of the Petroleum Exporting Countries and allies led by Russia, collectively known as OPEC+, meet on Wednesday at 1500 GMT to set policy.

The comments from sources came as experts from the OPEC+ joint technical committee presented an updated report on the state of the oil markets in 2021-2022. Initially, the report had seen a surplus of 2.5 million bpd building in 2022 but it was later revised to a smaller surplus of 1.6 million bpd, according to the sources.

 

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