OPEC+ Joint Technical Committee raises 2022 oil market surplus estimates

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The OPEC+ Joint Technical Committee (JTC) expects the oil market surplus to reach 900,000 barrels per day (bpd) this year, an increase of 100,000 bpd from previous estimates, Reuters reported, citing a committee report.

The JTC sees the 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.

The JTC, which meets on today, Aug. 31, advises the Organization of the Petroleum Exporting Countries and allies (OPEC+) on market fundamentals.