OPEC+ Fears Significant Oil Glut After April 2022

The OPEC+ alliance expects a significant overhang of oil supply on the market after April 2022 when the current production cut pact expires, Reuters reported on Wednesday, citing an internal report of an OPEC+ panel it had seen. “In 2022, a significant increase is seen, leading to an overhang of 181 million barrels by the end of the year,” the Joint Technical Committee (JTC) of the OPEC+ group said in the report. While OPEC+ sees commercial oil stocks in OECD nations below the five-year average for the rest of this year, it expects…