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| OPEC+ fears significant oil glut after current production cut agreement ends | OPEC+ fears significant oil glut after current production cut agreement ends |
| (about 2 months later) | |
| 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. | 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. | “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 the oversupply to return in the second half of next year, according to the JTC’s internal report Reuters has seen. | While OPEC+ sees commercial oil stocks in OECD nations below the five-year average for the rest of this year, it expects the oversupply to return in the second half of next year, according to the JTC’s internal report Reuters has seen. |
| This assessment of the panel, whose meeting on Tuesday launched this week’s decision-making gatherings of the coalition, suggests that OPEC+ may opt to continue the ongoing deal in some form after April 2022 to ensure a balanced oil market. | This assessment of the panel, whose meeting on Tuesday launched this week’s decision-making gatherings of the coalition, suggests that OPEC+ may opt to continue the ongoing deal in some form after April 2022 to ensure a balanced oil market. |
| Currently, the group keeps around 5.7 million barrels per day (bpd) off the market under an agreement reached in April 2020 and set to expire in April 2022. | Currently, the group keeps around 5.7 million barrels per day (bpd) off the market under an agreement reached in April 2020 and set to expire in April 2022. |
| OPEC+ is set to decide on July 1 how to proceed with its oil supply management policy in August. | OPEC+ is set to decide on July 1 how to proceed with its oil supply management policy in August. |
| The alliance said on Tuesday that the overall conditions in the oil market had significantly improved in an optimistic assessment of fundamentals and prospects ahead of Thursday’s decision. | The alliance said on Tuesday that the overall conditions in the oil market had significantly improved in an optimistic assessment of fundamentals and prospects ahead of Thursday’s decision. |
| “The overall brighter picture in relation to the pandemic recovery efforts has led to significantly improved oil market conditions and prospects for future growth,” OPEC Secretary-General Mohammad Barkindo said at the meeting of the Joint Technical Committee (JTC) on Tuesday. | “The overall brighter picture in relation to the pandemic recovery efforts has led to significantly improved oil market conditions and prospects for future growth,” OPEC Secretary-General Mohammad Barkindo said at the meeting of the Joint Technical Committee (JTC) on Tuesday. |
| Analysts largely expect OPEC+ to decide on Thursday to further ease the cuts as of August 1, with most experts gravitating toward a 500,000-bpd increase for the month of August. | Analysts largely expect OPEC+ to decide on Thursday to further ease the cuts as of August 1, with most experts gravitating toward a 500,000-bpd increase for the month of August. |
| Reports emerged on Tuesday that the leaders of the OPEC+ group, Saudi Arabia and Russia, are once again at odds about the easing of the cuts, with Moscow pushing for a more aggressive supply boost and Riyadh preferring a more gradual approach. | Reports emerged on Tuesday that the leaders of the OPEC+ group, Saudi Arabia and Russia, are once again at odds about the easing of the cuts, with Moscow pushing for a more aggressive supply boost and Riyadh preferring a more gradual approach. |
| This article was originally published on Oilprice.com | This article was originally published on Oilprice.com |