Reuters: An OPEC + Committee Expects an Imbalance in The Oil Market After April 2022

According to a report seen by Reuters, an OPEC+ committee warned of “significant uncertainty” and the risk of a possible disruption to the global oil market after April 2022.

The report also showed that the committee, known as the Joint Technical Committee, expects a surplus of oil by the end of 2022 under different scenarios of the supply and demand situation in the oil market.

The report stated that, according to a basic scenario, OECD crude stocks will reach 96 million barrels and 125 million barrels below the average for the period between 2015 and 2019 in the third and fourth quarters of 2021, respectively.

It continued, “In 2022, there is a significant increase expected, leading to a surplus of 151 million barrels by the end of the year.”

The base scenario adopts the assumptions of growth in global oil demand and growth in non-OPEC supply in the OPEC monthly report for the month of June, with preliminary projections for 2022.