OPEC+ Increases Its Oil Market Surplus Forecast By 100,000 Bpd

OPEC+ now expects the oil surplus on the market this year to be higher than its previous estimate by 100,000 barrels per day (bpd), according to a report by the producer group’s Joint Technical Committee (JTC) seen by Reuters on Wednesday. The alliance of oil producers now sees an oil market surplus of 900,000 bpd for 2022, up by 100,000 bpd compared to the previous projection.  In the base-case scenario, the JTC report estimates that the market surplus will be 3.1 million bpd in September, before dropping to 600,000 bpd in October.…