OPEC expects global oil markets to tip into surplus this quarter. The surprising revision, which comes at a time of unprecedented pressure by western nations. Analysts are wondering whether OPEC+ set the stage for production cuts with its tiny 100,000 bpd production target hike. Biden’s “hard-won”, post Saudi fist-bump OPEC output boost of 100K barrels may end up being not only the smallest on record, but also the shortest. In its latest monthly report, OPEC revealed that it expects global oil markets to tip into surplus this quarter as it downgraded the outlook for demand and bolstered estimates for rival supplies. The Organization of Petroleum Exporting Countries cut forecasts for the amount of crude it will need to pump in the third quarter by 1.24 million barrels a day to 28.27 million – according to Bloomberg , that’s about 570,000 barrels a day less than OPEC’s 13 members pumped […]