OPEC+ set to stick to existing deal despite demand concerns – Reuters.com

OPEC+ set to stick to existing deal despite demand concerns – Reuters.com

LONDON, May 4 (Reuters) - OPEC+ sees a surplus of 1.9 million barrels per day (bpd) in 2022, 600,000 bpd higher from a previous forecast, amid expectations of slower demand growth this year, a report seen by Reuters showed on Wednesday.

The report, prepared ahead of a meeting of the OPEC+ Joint Technical Committee meeting scheduled for Wednesday, also sees OECD oil stocks slightly exceeding the 2015-2019 average in the fourth quarter.

The revision reflects a weaker oil demand growth forecast adopted by the Organization of the Petroleum Exporting Countries (OPEC) in its April oil monthly report.