OPEC sees oil shortage in 2021

The Joint Technical Committee (JTC) of OPEC+ expects the oil market to be in deficit of a 0.9 million barrel per day (bpd) this year.In a report issued Wednesday by the JTC, the committee had expected global oil demand to pick up by 5.95 million bpd in…

The Joint Technical Committee (JTC) of OPEC+ expects the oil market to be in deficit of a 0.9 million barrel per day (bpd) this year.

In a report issued Wednesday by the JTC, the committee had expected global oil demand to pick up by 5.95 million bpd in 2021 and by 3.28 million bpd in 2022.

Commercial oil inventories in OECD countries will remain below their 2015-2019 average until May 2022, but they are projected to inch up for the remainder of the year, the report added.

Source: Jordan News Agency