OPEC+, which includes members of the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, meets on Wednesday at 1500 GMT to determine policy.
Sources told Reuters the meeting is likely to extend existing policies despite pressure from the United States to pump more oil.
However, expectations of a greater supply scarcity strengthen the argument for accelerating OPEC + production increases, while global benchmark Brent crude prices are trading near $ 73 a barrel, not far from its highest levels in several years.
The sources’ comments came as experts from the OPEC+ Joint Technical Committee presented the latest report on the state of oil markets in 2021-2022.
According to the sources, the report, which has not been published, expects a deficit of 900,000 barrels per day this year while global demand recovers from the Corona virus pandemic and OPEC + gradually restores production.
Initially, the report projected a surplus of 2.5 million bpd in 2022, but it was later revised to a smaller surplus of 1.6 million bpd, the sources said.
According to the sources, the report of the Joint Technical Committee showed that commercial oil stocks in the OECD countries will remain below their average for the years 2015-2019 until May 2022 instead of January 2022 in the initial expectations.
The committee had expected in its preliminary report that global demand for oil would grow by 5.95 million barrels per day this year and 3.28 million barrels per day next year. It was not clear if those numbers had been revised in the most recent report.
(Reuters)
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