OPEC+ Expects Global Oil Inventories To Surge

Global oil stocks are set to rise faster than previously expected, according to an internal report prepared for the technical committee meeting of the OPEC+ group seen by Energy Intelligence. The report, prepared for the meeting of the Joint Technical Committee (JTC)­—expected on Wednesday—shows that OPEC+ expects global oil supply to exceed demand by as much as 3 million barrels per day (bpd) during the first quarter of next year, according to the document seen by Energy Intelligence. The report analyzed oil market conditions before…