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An OPEC+ report foresees the oil surplus worsening to 2 million barrels per day (bpd) in January, 3.4 million bpd in February and 3.8 million bpd in March next year. Overall, it distinguishes two main causes for such a surplus: the impact of Omicron as jet-fuel related, particularly in Africa and Europe and disruption in transportation fuel demand within Europe.

OPEC+ sees worsening oil surplus Q1, 2022 – document

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An OPEC+ report foresees the oil surplus worsening to 2 million barrels per day (bpd) in January, 3.4 million bpd in February and 3.8 million bpd in March next year. Overall, it distinguishes two main causes for such a surplus: the impact of Omicron as jet-fuel related, particularly in Africa and Europe and disruption in transportation fuel demand within Europe.

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