Home Markets OPEC+ sees tighter oil market until May 2022

OPEC+ sees tighter oil market until May 2022

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A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration

DUBAI/LONDON, Aug 31 (Reuters) – OPEC+ expects the oil market to be in deficit at least until the end of 2021 and stocks to stay relatively low until May 2022, OPEC+ sources said on Tuesday, a day ahead of a policy meeting amid U.S. pressure to raise production.

The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, meet on Wednesday at 1500 GMT to set policy.

Sources told Reuters the meeting is likely to roll over existing policies despite pressure from the United States to pump more oil. read more

Still, the forecast for a tighter market strengthens the case for a speedier output increases by OPEC+ as benchmark Brent oil prices trade close to $73 per barrel – not far off their multi-year highs.

The comments from sources came as experts…

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