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OPEC+ lowers 2022 market surplus forecast

Mohamed Abdelhamid 27 June, 2022 8:00 pm Commodities, Market Update

Producer group OPEC+ trimmed its projected 2022 oil market surplus to 1 million barrels per day, down from 1.4 million bpd previously, a report said on Monday.

The said report was prepared for the group’s upcoming meeting of the OPEC+ Joint Technical Committee scheduled to take place on Tuesday.

As for the market’s reaction; crude oil prices gained traction after this report. West Texas Intermediate trades at $109.47, where it was up 1.75% on a daily basis. Similarly, and Brent crude was up 2% at $114.65.

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