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Asharq Al-Awsat

Business

London - Asharq Al-Awsat

OPEC+ JTC Raises 2022 Oil Market Surplus Forecast

OPEC Oil JTC Abdulaziz bin Salman Monetary Policy Saudi Arabia

OPEC+ sees oil market in a surplus of 3.1 million bpd in September, falling to 0.6 million bpd in October before rising to 1.4 million bpd in November. (Reuters)

The oil market is likely to have a surplus greater than forecast earlier this year amid pressures from rising energy costs and tightening monetary policy that decreased demand for oil, OPEC + said in a report on Wednesday.

The report comes days ahead of an OPEC+ policy meeting on Sept. 5 and over a week after OPEC leader Saudi Arabia said the group may cut oil output.

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