OPEC+ Still Expects Oil Surplus This Year

OPEC+ still expects the global oil market to be in a surplus this year, but has revised the overhang by 100,000 bpd to 1.3 million bpd, Reuters reported citing the group's Joint Technical Committee, which met yesterday ahead of today's monthly meeting of OPEC+. The meeting itself is unlikely to produce any shocks: according to unnamed sources cited by Reuters, the cartel planned to stick to its arrangement of adding 400,000 bpd in collective output to its monthly total until national production levels returned to pre-pandemic levels. This, however,…