OPEC+ Panel Tightens Oil Market Outlook for This Year, Next
- Joint Technical Committee now sees supply deficit in 2023
- JTC endorses Saudi pledge to assuage extreme volatility
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The OPEC+ coalition tightened its outlook for global oil markets this year and next as members struggle to reach output targets.
The alliance’s committee of technical experts slashed forecasts for this year’s supply surplus in half, to 400,000 barrels a day, according to a report from the panel. It flipped projections for next year from an overhang of 900,000 barrels a day to a deficit of 300,000 a day.