# OPEC+ lowers 2022 market surplus forecast to 1 million bps – Reuters — Octa

> Reuters reported that OPEC+ trimmed its 2022 oil market surplus forecast to 1 million bpd from 1.4 million bpd, citing an internal report for the Joint Technical Committee meeting. Crude prices rose after the report, with WTI near $109.47 and Brent up 2% at $114.65.

- Date: 2022-06-27 · published 2022-06-27T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/41113-opec-lowers-2022-market-surplus-forecast-to-1-million-bps-reuters-octa
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A smaller expected surplus implies tighter global crude balances, which supports energy prices. Higher energy costs feed through to diesel, transport and fertilizer expenses for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -1.2% | +8.9% |
| WTI | 2023-09-13 | [OPEC+ cuts to tighten oil market sharply in fourth quarter, IEA says \| Reuters](https://feedsoft.ai/events/34016-opec-cuts-to-tighten-oil-market-sharply-in-fourth-quarter-iea-says-reuters.md) | +2.6% | -3.3% |
| WTI | 2018-03-09 | [IEA cuts 2026 oil supply forecast as Mideast recovery slips to 2027](https://feedsoft.ai/events/66170-iea-cuts-2026-oil-supply-forecast-as-mideast-recovery-slips-to-2027.md) | +1.7% | +3.2% |
| WTI | 2024-09-10 | [US EIA lifts oil demand forecast, says prices will recover to above $80/bbl \| Reuters](https://feedsoft.ai/events/10170-us-eia-lifts-oil-demand-forecast-says-prices-will-recover-to-above-80-bbl.md) | +2.1% | +11.9% |
| WTI | 2022-03-14 | [Oil Market Report - March 2022 - IEA](https://feedsoft.ai/events/5992-oil-market-report-march-2022-iea.md) | -4.2% | -10.1% |
| BRENT | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -0.4% | +8.7% |
| BRENT | 2023-09-13 | [OPEC+ cuts to tighten oil market sharply in fourth quarter, IEA says \| Reuters](https://feedsoft.ai/events/34016-opec-cuts-to-tighten-oil-market-sharply-in-fourth-quarter-iea-says-reuters.md) | +2.6% | -3.9% |
| BRENT | 2018-03-09 | [IEA cuts 2026 oil supply forecast as Mideast recovery slips to 2027](https://feedsoft.ai/events/66170-iea-cuts-2026-oil-supply-forecast-as-mideast-recovery-slips-to-2027.md) | +1.0% | +4.8% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/979900/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.