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- The OPEC joint technical committee met today, ahead of the ministerial meeting tomorrow, to discuss oil-market fundamentals; the group sees the 2022 surplus at 1.3mb/d on average, versus the prior forecast of 1.4mb/d, according the Reuters (NYSEARCA:USO) (NYSEARCA:XLE).
- The International Energy Agency, US Department of Energy, and OPEC all forecast substantial oil surpluses in 2022, though forecasters at Goldman Sachs, JPMorgan and Morgan Stanley see deficits.
- Despite a note from Goldman this morning indicating that the Cartel could increase production quotas by 800kb/d at tomorrow's meeting, sources close to the group indicate that OPEC+ is likely to stick to its 400kb/d monthly pace.