OPEC+ Sees Smaller Oil Market Surplus In Q1

OPEC+ expects the surplus on the oil market in the first quarter of 2022 to be 1.4 million barrels per day (bpd), or some 25 percent lower than it forecast in early December, Bloomberg reported on Monday, citing internal OPEC+ research a day before the group is set to announce its production policy for February. Lower expected oil supply from non-OPEC+ producing nations was the key reason for a downgrade in the surplus estimate, according to Bloomberg. Expectations of strong demand this year have also resulted in a lower surplus forecast for the…