OPEC+ Sees Slightly Smaller Oil Market Surplus This Year - Report
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Published on August 29, 2022
OPEC+ sees this year's oil market as slightly less supplied than previously thought, a day ahead of a meeting at which the producer group is set to decide on its production policy for next month.
New data showed that the OPEC+ Joint Technical Committee (JTC), meeting on Tuesday, trimmed its forecast for a surplus in the oil market this year by 200,000 barrels per day (bpd) to 800,000 bpd, three OPEC+ delegates told Reuters.
The JTC is meeting ahead of a ministerial meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, on Wednesday.
One of the sources said that the JTC, which advises the group on market fundamentals, did not discuss any output policy at its meeting.
OPEC+ sources told Reuters last week that the group will likely keep output unchanged in September, or raise it slightly.
Fox News reported on Monday that Saudi Arabia will push OPEC+ to increase oil production a on Wednesday, a Fox Business news reporter said on Monday.
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