Global oil stockpiles will continue to drain for the rest of the year, but things could look very different in 2022, with supply set to exceed demand if the OPEC+ group of producers continues adding barrels as planned. The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all see this year’s oil supply deficit flipping into surplus next year and the producer group isn’t the most bearish of the three. In fact, after a difficult first quarter, OPEC is the most bullish of the group for the rest of next year. Over-supply in 2022 Note: Assumes OPEC+ producers continue to increase output by 400,000 barrels a day each month until September 2022 Looking at the chart above, it is easy to see why the OPEC+ oil ministers were reluctant to […]