OPEC+ oil ministers point to a massive surplus early next year as their justification for sticking to a plan of only modest production increases. But those forecasts are built on fanciful numbers — and they’re wrong.
It doesn’t matter which of the three oil market forecasts presented last week to the OPEC+ group you look at, they all show the same thing in different degrees: The current tight oil market will soon evaporate, to be replaced by one in which supply is running ahead of demand and global stockpiles are rising again. That switch, however, is based on highly inflated estimates of the group’s own future production.
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November 14, 2021 at 01:00PM
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OPEC's Fears of an Oil Glut Are Built on Faulty Forecasts - Bloomberg
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