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OPEC+ Is Hesitant About Boosting Oil Supplies: Here’s Why

Oil forecasters see oversupply in 2022 if producers keep boosting production

Oil demand to get a winter  boost

Oil demand to get a winter  boost

Photographer: Lukas Schulze/Getty Images Europe

Global oil stockpiles will continue to drain for the rest of the year, but things could look very different in 2022, with supply set to exceed demand if the OPEC+ group of producers continues adding barrels as planned.

The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all see this year’s oil supply deficit flipping into surplus next year and the producer group isn’t the most bearish of the three. In fact, after a difficult first quarter, OPEC is the most bullish of the group for the rest of next year.