OPEC-Plus cuts its surplus forecasts in the oil market

OPEC-Plus cuts its surplus forecasts in the oil market
Fecha de publicación: 
3 August 2022
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London, Aug 3 (Prensa Latina) The Joint Technical Committee of the Organization of Petroleum Exporting Countries and allies (OPEC+) cut its forecast of a surplus in the oil market for this year by 200,000 barrels per day.

Prior to the meeting in which the group of exporters will decide their production policy for next month, the Joint Technical Committee raised its forecasts for the current year to a surplus of 800,000 tons per day.

The Technical Committee, which advises the group on the fundamentals of the barrels, sees the oil market this year slightly less supplied than previously thought, it transpired.

However, in their meeting on Tuesday no production policy was discussed.

According to specialized sources, it is expected that during today’s meeting the group of oil producers and exporters, which includes Russia, will maintain production unchanged in September or slightly increase pumping, which influenced a slight rise in the price of black gold today.

By midday Tuesday, Brent crude rose 31 cents, or 0.3 percent, to $100.34 a barrel and U.S. West Texas Intermediate crude added 40 cents, or 0.4 percent, to $100.34 a barrel. until reaching a price of 94.29 dollars per barrel.

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