MARKETS

OPEC+ hikes oil market surplus forecast by 100,000 bpd

THE OPEC+ group of oil producers that includes legacy producer and defacto OPEC leader Saudi Arabia and non-OPEC member Russia, now expects oil surplus this year to be higher than its previous estimate by nearly 100,000 bopd according t a report by the producer group's Joint Technical Committee (JTC).

Tim Daiss
OPEC+ hikes oil market surplus forecast by 100,000 bpd

In the base-case scenario, the JTC report estimates that the market surplus will be 3.1 million bopd in September, before dropping to 600,000 bopd in October, data cited by Reuters showed. For November,...

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