OPEC+ Sees 2021 Oil Deficit, 2022 Surplus as Supply Revived
- Excess of 1.6 million barrels a day seen next year: JTC data
- Data assume OPEC+ will fully revive 6 million barrels a day
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OPEC and its allies expect global oil markets will continue to tighten this year even as they revive output, but then flip into surplus again in 2022.
The data -- to be presented to the group’s Joint Technical Committee on Tuesday -- ought to reassure the Organization of Petroleum Exporting Countries and its partners that they can proceed with a widely expected output increase for October. Ministers will meet at 5 p.m. Vienna time the following day.