OPEC+ still expects the global oil market to be in a surplus this year, but has revised the overhang by 100,000 bpd to 1.3 million bpd, Reuters reported citing the group’s Joint Technical Committee, which met yesterday ahead of today’s monthly meeting of OPEC+. The meeting itself is unlikely to produce any shocks: according to unnamed sources cited by Reuters, the cartel planned to stick to its arrangement of adding 400,000 bpd in collective output to its monthly total until national production levels returned to pre-pandemic levels. This, however, may be tough for many members of the group, which have been struggling for months to meet the quotas assigned to them under the agreement that marked the beginning of a reversal in the deepest oil production cuts ever made by OPEC and its Russia-led partners. In response to the pandemic and the destruction of oil demand it caused, the […]