“OPEC Plus” expects a deficit in the oil market

Dubai (Archyde.com)

A document seen by Archyde.com yesterday showed that the joint technical committee of “OPEC Plus” expects a deficit in the oil market in 2023 of 300,000 barrels per day. The committee, which held a meeting yesterday, expected demand to fall short of supplies by 400,000 barrels per day this year, in a downward revision to a previous forecast of 500,000 barrels after taking new assumptions for demand into account.
The document showed that the committee expects the deficit to widen to 1.8 million barrels per day in the fourth quarter of 2023.