[size=36]OPEC +” expects a surplus in the oil market in 2022[/size]
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according to a report of the Technical Committee of the "OPEC +" group, which met today, Monday, that the global oil market will witness in 2022 a surplus in supply after it witnessed a deficit in 2021.
According to the document, the experts of the Technical Committee expect that in the basic scenario the demand for oil will grow Oil in 2022 by 4.2 million barrels per day to reach 100.8 million barrels per day.
In light of this, the global oil market will witness an excess supply of 1.4 million barrels per day, provided that global reserves will increase by 525 million barrels. The highest level of the surplus is expected in March, April and November of the year 2022.
Because of the uncertainty in the oil market, the technical committee of the “OPEC +” group developed two other scenarios for the development of the situation in the market, including a slowdown and rapid growth of the level of demand for crude.
In one of these two scenarios, the committee expects oil demand to grow by only 3.8 million barrels per day, while the surplus will be at 1.8 million barrels per day.
In the third scenario, demand is expected to grow by 4.4 million barrels per day, with a surplus supply of 1.2 million barrels per day.