Dubai — The OPEC+ Joint Technical Committee sees a deficit in the 2023 oil market of 300,000 barrels per day (bpd) under its base case, a document seen by Reuters on Thursday showed, and has taken into account under-production of crude by some member countries in its oil market forecasts.
The JTC sees the deficit widening to 1.8 million bpd in the fourth quarter of 2023, the document showed.
The committee noted preliminary data for OECD commercial oil stocks will remain below the five-year average for the remainder of 2022 and for 2023, the document added.
*Maha El Dahan & Ahmad Ghaddar; Nadine Awadalla; editing: Jason Neely – Reuters
Follow us on twitter