OPEC laying the groundwork to cut output? Says Biden’s reserve release will increase oil surplus

I posted yesterday on the upcoming OPEC+ meeting (December 2) and that Saudi Arabia may push to reduce the planned output boost:

OPEC’s advisory panel, the Economic Commission Board, estimates that oil released by Biden and others could hugely increase the surplus in global markets.

  • project an excess of 1.1 m barrels a day in January and February to 2.3 million and 3.7 million a day, respectively, if 66 m barrels are injected over the two-month period

Those numbers are cited by Bloomberg “according to a document obtained”.   The speculation is that the surplus will be a reason for OPC+ to cut its planned 400k bbl/day increase. 

Earlier on oil:

I posted yesterday on the upcoming OPEC+ meeting (December 2) and that Saudi Arabia may push to reduce the planned output boost:

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