- Analytics
- News and Tools
- Market News
- OPEC+ sees larger oil supply surpluses in January through March as a result of Omicron - Reuters
OPEC+ sees larger oil supply surpluses in January through March as a result of Omicron - Reuters
According to a document cited by Reuters, OPEC+ sees global oil supply surpluses widening to 2M barrels per day (BPD) in January, to 3.4M BPD in February and then to 3.8M BPD in March. OPEC+ reportedly sees the impact that Omicron related-travel restrictions are having on jet-fuel demand in Europe and Africa. Mobility and transportation fuel demand within Europe may also be affected by the new Covid-19 variant, the document reportedly warns.
Market Reaction
WTI has been ticking lower from earlier session highs in the mid-$69.00s in recent trade, but holds onto on the day gains of about $1.50. The commentary from OPEC+ might increase concerns about the global oil demand outlook, but also increase the chance of OPEC+ proactivity in making sure any projected supply surpluses arent too persistent/weigh on prices too much over the long run.
OPEC meets on Wednesday at 1300GMT, while OPEC+ is slated to meet at 1300GMT on Thursday. Analysts are expecting the cartel to announce a halt to the recent string of 400K barrel per day per month output hikes.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
