The “OPEC +” alliance expects a surplus of 1.9 million barrels per day in 2022, an increase of 600,000 barrels per day from previous estimates, amid expectations of a slowdown in oil demand growth this year.
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“OPEC +” expects oil surplus to rise in 2022 as demand growth slows
A report seen by Archyde.com showed today, Wednesday, that the “OPEC +” alliance expects a surplus of 1.9 million barrels per day in 2022, an increase of 600,000 barrels per day from previous estimates, amid expectations of a slowdown in oil demand growth this year.
The report, which was prepared before the meeting of the “OPEC +” joint technical committee, which is also scheduled to be held today, Wednesday, expected that oil stocks in the Organization for Economic Cooperation and Development during the last quarter would slightly exceed the average in 2015-2019.
The revision of the estimates reflects expectations of weaker growth in oil demand, which was adopted by the Organization of Petroleum Exporting Countries “OPEC” in its monthly report on crude for the month of April.
OPEC expects global oil demand to grow in 2022 by 3.67 million barrels per day, down by 480,000 barrels per day from its previous forecast.
