OPEC’s Joint Technical Committee has revised its estimates for Q1 supply and demand. In the Committee’s estimation, the supply surplus has shrunk to 600,000 bpd, versus its previous estimate of 1 million bpd. OPEC’s Joint Technical Committee met on Wednesday to review oil market developments ahead of the OPEC and non-OPEC Ministerial Meeting on Thursday. OPEC Secretary General HE Mohammad Barkindo encouraged its members “to stay the course” when it comes to the group’s decision tomrorow, according to an OPEC statement cited by Reuters. This is the most recent signal to the oil markets that tomorrow’s OPEC+ meeting is likely to be short and uneventful, resulting in no changes to the group’s production plans for May. The current plan is for OPEC+ to add 432,000 bpd to the group’s overall production quota, despite calls on the group to boost its production more significantly. The World Bank said on Wednesday […]