The Organization of Petroleum Exporting Countries and its allies (OPEC+) has said that it expects global oil markets to tip into surplus this quarter as it downgrades the outlook for demand, which would also be rivalled by non-OPEC supplies.
This is coming despite warnings by the International Energy Agency (IEA), as OPEC+ will most likely not carry out the 100,000 barrels per day (bpd) production target increase, in the coming months, due to limited spare capacity.
OPEC forecasts for the month in its newest monthly report, states that it would cut forecasts for the amount of crude it will need to pump in the third quarter of 2022 by 1.24 million barrels a day, to 28.27 million a day.
