OPEC+ Technical Committee predicts oil shortage of 300,000 b/d in 2023
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Technical Committee (JTC) OPEC + reviewed the situation in the oil market, reports Reuters with reference to the document of the organization. According to the technical committee, in 2023 the deficit in the world oil market will be 300 thousand barrels per day.
It follows from the document that the technical committee expects the deficit in the oil market to increase to 1.8 million barrels per day in the fourth quarter of 2023. At the same time, JTC took into account the possible failure of a number of countries to achieve their goals in the field of oil production.
According to a preliminary estimate, commercial oil reserves in the countries that are members of the Organization for Economic Cooperation and Development (OECD) will remain below the average five-year level throughout 2022-2023.
In early August, the participants in the OPEC+ deal decided to increase oil production by 100,000 barrels per day in September due to a lack of free capacity. This decision was made by OPEC + against the backdrop of oil prices falling below $100 per barrel this week. At the end of the month prices again declined – On August 30, they fell by almost 5% in a day. Today, September 1, Brent oil prices fell by 0.77% to $94.9 per barrel, WTI – by 0.86% to $88.78 per barrel.
Read more about the decision of OPEC + – in the material “Kommersant” “You can’t get a hundred a day”.
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