The OPEC+ alliance expects a significant overhang of oil supply on the market after April 2022 when the current production cut pact expires, Reuters reported on Wednesday, citing an internal report of an OPEC+ panel it had seen. “In 2022, a significant increase is seen, leading to an overhang of 181 million barrels by the end of the year,” the Joint Technical Committee (JTC) of the OPEC+ group said in the report. While OPEC+ sees commercial oil stocks in OECD nations below the five-year average for the rest of this year, it expects the oversupply to return in the second half of next year, according to the JTC’s internal report Reuters has seen. This assessment of the panel, whose meeting on Tuesday launched this week’s decision-making gatherings of the coalition, suggests that OPEC+ may opt to continue the ongoing deal in some form after April 2022 to ensure a […]