OPEC + expects global oil prices to rise. OilPrice.com

According to an internal report prepared by the OPEC + Technical Committee on Energy Intelligence, global oil reserves are growing faster than expected.

The report, prepared for the Joint Technical Committee (JTC) meeting – is expected on Wednesday – OPEC + shows that global oil supply will exceed 3 million barrels (bpd) per day in the first quarter of next year. According to a document by Energy Intelligence.

The report analyzed oil market conditions in response to the omitting differences ahead of Friday’s oil price hike.

In the basic situation in the OPEC + assessment, the supply of oil by 2022 total demand is 1.8 million BPD. In the first quarter of 2022, $ 1 million was generated from strategic reserves, including $ 50 million from the US Strategic Petroleum Reserve (SPR).

A.D. According to OPEC +, Energy Intelligence estimates that a total of 442 million barrels of indirect shares will be expected in 2021, and 639 million barrels of indirect stock next year.

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Excessive supply in Q1 2022 is another reason why OPEC + Group could use its monthly supply of 400,000 bpd to interrupt when it meets on Thursday, December 2.

The extension of the JTC meeting from Monday to Wednesday, December 1 is to give the Technical and Monitoring Panels and OPEC + experts more time to study the potential impact of the Omicron Covide difference on oil demand.

By Tsvetana Paraskova for Oilprice.com

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