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Oil prices will face downward pressure next year as OPEC sees oversupply expanding, report says

Added 12-01-21 02:14:03pm EST - “OPEC+ expects a surplus of 2 million barrels per day in January, 3.4 million in February, and 3.8 million in March, Reuters reported.” - Markets.businessinsider.com

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Posted By TheNewsCommenter: From Markets.businessinsider.com: “Oil prices will face downward pressure next year as OPEC sees oversupply expanding, report says”. Below is an excerpt from the article.

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OPEC+ sees an expanding oversupply in global oil markets at the start of next year, putting additional pressure on crude oil prices. 

The Organization of the Petroleum Exporting Countries and non-member allies such as Russia expect a surplus of 2 million barrels per day in January 2022, 3.4 million in February, and 3.8 million in March, according to a document viewed by Reuters on Wednesday.

The forecast comes as the emergence of the Omicron coronavirus variant rocked the prices of global commodities and equities. Amid renewed uncertainty about demand as restrictions are re-imposed, oil analysts have warned OPEC+ may pause its plan to continue gradual production hikes. OPEC+ agreed in July to lift output by 400,000 barrels a day each month.

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