LONDON (Reuters) – A report prepared by the Joint Technical Committee of “OPEC Plus” and seen by “Reuters” showed that the committee expects the total excess oil supply in 2022 to reach 1.3 million barrels per day, a slight decrease from its previous forecast of 1.4 million barrels per day. .
The committee met today, Tuesday, before a ministerial meeting tomorrow, Wednesday, of the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, who make up what is known as the “OPEC Plus” group.
Also read: “OPEC Plus” raises production by 400,000 barrels per day in February
According to the report, the Joint Technical Committee expects global oil demand to exceed pre-pandemic levels in the second half of 2022.
The committee warned of continued Omicron risks, central bank monetary policy shifts, weak investment and geopolitical risks.