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

📆 8/31/2022 6:15 PM
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The OPEC+ coalition tightened its outlook for global oil markets this year and next as members struggle to reach output targets.

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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