OPEC+ Sees Slightly Smaller Oil Market Surplus This Year, Sources Say
1 mins read
Published on December 1, 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.
Great Deals on Used CarsView All Used Cars
- 72,000 km
- 32,400 km
- 73,810 km
- 72,000 km
- 36,800 km
- 65,400 km
- 19,200 km
- 14,350 km
- 11,300 km
- 7,300 km
7 hours ago
Now in its 10th year on sale, Maruti’s compact sedan found the least amount of takers this year in the month of November.
TVS Motor Company saw a growth of 50 per cent in domestic sales from November 2022.
The company witnessed an increase in numbers due to the festive season registering a growth of 20 per cent compared to the corresponding month last year
The Thunder Edition is up to Rs 2 lakh more affordable than the standard Jimny and is available for a limited period.
Tesla Motors has begun deliveries of the Cybertruck in USA. Currently, there are two models on sale, an AWD variant and the top-spec model, which is dubbed ‘Cyberbeast’.
The brand has witnessed a YoY growth of 9.7 per cent compared to the corresponding period last year.
9 hours ago
Maruti continued to see strong demand in the utility vehicle and van segments, though small car sales continue to sag.
The brand has witnessed a dip in sales of 18 per cent when compared to sales from the previous month.
Previously, in October 2023, the Exter bagged over 75,000 bookings, and the 50,000 mark was reached within the first month of its launch.
11 hours ago
New tech moves the EV's reduction gear into the wheel hub allowing for more compact electric motors and greater space efficiency
Brent crude futures rose 1.8%, to settle at $76.69 a barrel, while U.S. West Texas Intermediate crude (WTI) ended $1.23 higher at $70.90.
Brent crude settled down 1.2%, to $74.99 while West Texas Intermediate U.S. crude futures fell 1%, to $69.26 a barrel.
Brent crude futures fell by 78 cents to settle at $75.91 a barrel. U.S. West Texas Intermediate crude futures slid by 94 cents, to end the session at $69.96 a barrel.
According to the International Energy Agency (IEA), Russia's total exports of oil and petroleum products in February 2023 fell to 7.5 million barrels per day (bpd), from an average amount of 7.7 million bpd in 2022 (7.5 million bpd in 2021).
Fuel demand in February hit its highest level in at least 24 years, data from the website of the Petroleum Planning and Analysis Cell (PPAC) showed this month.