The OPEC + alliance foresees a growing glut of oil supplies in 2022, with the highest rates between January and March next year, according to a document from the group’s technical committee published on Wednesday.
Experts believe that the surplus will be 1.7 million barrels per day (mbd) on average in 2022, compared to the deficit of 1.2 mbd in 2021, according to the report, released by the official Russian agency TASS on the same day it meets. virtually the Organization of Petroleum Exporting Countries (OPEC).
According to the baseline scenario, which takes into account the latest decisions of the OPEC + alliance – raising the offer by 400,000 barrels per day (bd) per month until September 2022 and the announcement by the United States that it will release 50 million barrels of Strategic Petroleum Reserves- excess crude supplies will be 2 mbd in January, 3.4 mbd in February and 3.8 mbd in March.
The OPEC + technical committee has revised down its forecasts for oil demand for this year, to 96.4 mbd.
For 2022, the projections remain at 100.6 mbd, according to the document published by TAS.
The experts of the alliance, which will meet tomorrow electronically, also consider that it will only be possible to fully assess the impact of the new variant of the omicron coronavirus on market demand within two weeks, since the degree of its threat will not it is still quite clear.
“The impact (of omicron) on oil demand remains to be seen, because there is no clarity about its severity and whether it is more contagious”, this variant, says the technical committee, which believes that there will be more data in two weeks .
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