Report: OPEC+ expects deficit in 2021 if production maintained

MOSCOW, Jun 28 (PRIME) -- The OPEC+ alliance expects oil deficit oil to persist in 2021, if production is unchanged, Bloomberg reported on Monday quoting the data to be provided to the cartel’s Joint Technical Committee.

According to the estimates, demand may overshoot supply by 1.7 million barrels per day in August, and by 1.9 million barrels per day in July–December.

The OPEC+ countries agreed to reduce their oil output by 9.7 million barrels per day in May 2020 to fight the consequences of the global coronavirus pandemic, with Russia’s share of 2.5 million barrels per day. The cut was narrowed to 7.7 million barrels per day for August–December 2020, and then to 5.8 million barrels per day.

On June 23, The Wall Street Journal reported that the alliance plans to approve an increase of production by 500,000 barrels per day at a meeting scheduled for July 1.

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