OPEC+ sees a slightly smaller oil market surplus this year, sources say

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen inside its headquarters in Vienna, Austria, December 7, 2018. REUTERS/Leonhard Foeger/File Photo

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LONDON, Aug 2 (Reuters) – OPEC+ sees this year’s oil market as slightly less supplied than previously thought, a day ahead of a meeting at which the producer group is set to decide on its production policy for next month.

New data showed that the OPEC+ Joint Technical Committee (JTC), meeting on Tuesday, trimmed its forecast for a surplus in the oil market this year by 200,000 barrels per day (bpd) to 800,000 bpd, three OPEC+ delegates told Reuters.

The JTC is meeting ahead of a ministerial meeting of the Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, on Wednesday.

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One of the sources said that the JTC, which advises the group on market fundamentals, did not discuss any output policy at its meeting.

OPEC+ sources told Reuters last week that the group will likely keep output unchanged in September, or raise it slightly.

Fox News reported on Monday that Saudi Arabia will push OPEC+ to increase oil production on Wednesday, a Fox Business news reporter said on Monday. read more

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Reporting by Ahmad Ghaddar and Alex Lawler; Editing by Kirsten Donovan and Louise Heavens

Our Standards: The Thomson Reuters Trust Principles.

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