The OPEC+ coalition tightened its outlook for global oil markets this year and next as members struggle to reach output targets.
(Bloomberg) — The OPEC+ coalition tightened its outlook for global oil markets this year and next as members struggle to reach output targets.
The alliance’s committee of technical experts slashed forecasts for this year’s supply surplus in half, to 400,000 barrels a day, according to a report from the panel. It flipped projections for next year from an overhang of 900,000 barrels a day to a deficit of 300,000 a day. The revisions reflect that many members can’t meet their output targets.
The Joint Technical Committee — which analyses markets on behalf of ministers who meet on Monday — also endorsed a recent declaration from group leader Saudi Arabia that they’re prepared to resolve a growing disconnect in global oil markets by curtailing supply.
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