London – OPEC+ revised down its forecast for the 2022 oil market surplus by about 200,000 barrels per day (bpd) to 1.1 million bpd, according to a base scenario in a technical committee report seen by Reuters on Sunday.
The data – part of a report the Joint Technical Committee (JTC) prepares for OPEC+ ministers – also shows stocks in the developed world standing at 62 million barrels below the 2015 to 2019 average by the end of the year.
Data from a separate JTC report seen by Reuters on Sunday showed the group produced in January 972,000 bpd less than the targets outlined by the deal, compared with 824,000 less in December.
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