Opec+ sees 2021 oil deficit, 2022 surplus as supply revived

Opec and its allies expect global oil markets will continue to tighten this year even as they revive output, but then flip into surplus again in 2022. The data — to be presented to the group’s Joint Technical Committee on Tuesday — ought to reassure the Organization of Petroleum Exporting Countries and its partners that they can proceed with a widely expected output increase for October. Ministers will meet at 5 p.m. Vienna time the following day.