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A report seen by Reuters on Wednesday said the OPEC + Alliance expects a surplus of 1.9 million barrels per day in 2022, an increase of 600,000 barrels per day from previous estimates, amid expectations of a slowdown in oil demand growth this year.
The report, prepared ahead of a meeting of the OPEC + Joint Technical Committee scheduled for Wednesday, expects oil stocks in the Organization for Economic Co-operation and Development to be slightly above average in 2015-2019.
The revision of estimates reflects expectations of weaker growth in oil demand, which was adopted by the Organization of the Petroleum Exporting Countries (OPEC) in its monthly report on crude oil for April.
OPEC now expects global oil demand to increase by 3.67 million barrels per day by 2022, down 480,000 barrels per day from its previous forecast.
The organization cited the impact of the Russo-Ukrainian conflict, rising crude oil prices and high inflation, and the re-emergence of the corona virus’s mutated omigron strain in China as reasons for adjusting the forecast.
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