OPEC+ expects supply surplus to reach 3.8 mln bpd in March: report

02/12/2021 Argaam

OPEC+ expects a surplus of two million barrels per day (bpd) in January 2022 and 3.4 million in February, Reuters reported, citing a document.

 

The group expects to reach a surplus of 3.8 million bpd by March.

 

The document added that Omicron’s impact seems to be jet-fuel related, especially in Africa and Europe, and may even affect transportation fuel demand within Europe.

 

However, OPEC+ confirmed that the impact of Omicron on oil demand has not yet started, as the susceptibility to infection and the severity of symptoms are not yet clear.

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