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OPEC+ sees tighter market in 2022, risks to oil demand growth - BusinessWorld Online

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The oil market will have a small surplus of just 0.4 million barrels per day (bpd) in 2022, much less than forecast earlier, according to OPEC+, due to underproduction of its members, OPEC+ sources said.

The report comes days ahead of an OPEC+ policy meeting on Sept. 5 and over a week after OPEC leader Saudi Arabia said the group may cut oil output.

After the meeting the figure was put at 0.4 million bpd, two OPEC+ sources said as the group decided to include in balances significant underproduction numbers by its own members. Oil prices have been extremely volatile in recent weeks. While Prince Abdulaziz’s comments helped propel prices to a one-month high above $105 a barrel on Monday, Brent crude on Wednesday traded $10 a barrel below those levels, on expectations for lower demand.

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