OPEC+ sees smaller oil market surplus at the beginning of 2022 Lower expected oil supply from non-OPEC+ producing nations was the key reason for a downgrade in the surplus estimate OPEC+ expects the surplus on the oil market in the first quarter of 2022 to be 1.4 million barrels per day (bpd), or some 25 percent lower than it forecast in early December, Bloomberg reported on Monday, citing internal OPEC+ research a day before the group is set to announce its production policy for February. Lower expected oil supply from non-OPEC+ producing nations was the key reason for a downgrade in the surplus estimate, according to Bloomberg. Expectations of strong demand this year have also resulted in a lower surplus forecast for the full 2022, according to the internal document the Joint Technical Committee (JTC) is reviewing today, ahead of the OPEC+ ministerial meeting on January 4. OPEC+ now […]