# OPEC+ sees tighter oil market until May 2022 | Reuters

> OPEC+ sources said a technical committee report forecasts a 0.9 million bpd deficit in 2021 as demand recovers, with OECD commercial inventories staying below their 2015-2019 average until May 2022. Brent was trading near $73 a barrel, close to multi-year highs.

- Date: 2021-08-31 · published 2021-08-31T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A forecast of tightening inventories through mid-2022 supports crude prices and strengthens the case for faster OPEC+ supply increases, which would affect diesel and fertilizer costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-06-01 | [Oil Market Report - May 2022](https://feedsoft.ai/events/41560-oil-market-report-may-2022.md) | -0.4% | -3.3% |
| 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 | 2024-03-14 | [Oil prices climb as revised IEA outlook signals tighter market \| Reuters](https://feedsoft.ai/events/31368-oil-prices-climb-as-revised-iea-outlook-signals-tighter-market-reuters.md) | +2.2% | +7.9% |
| BRENT | 2022-06-27 | [OPEC+ lowers 2022 market surplus forecast to 1 million bps – Reuters — Octa](https://feedsoft.ai/events/41113-opec-lowers-2022-market-surplus-forecast-to-1-million-bps-reuters-octa.md) | +0.1% | -8.9% |
| BRENT | 2022-03-14 | [Oil Market Report - March 2022 - IEA](https://feedsoft.ai/events/5992-oil-market-report-march-2022-iea.md) | -3.7% | -11.6% |
| 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 | 2024-03-14 | [Oil prices climb as revised IEA outlook signals tighter market \| Reuters](https://feedsoft.ai/events/31368-oil-prices-climb-as-revised-iea-outlook-signals-tighter-market-reuters.md) | +2.6% | +6.4% |
| WTI | 2022-06-27 | [OPEC+ lowers 2022 market surplus forecast to 1 million bps – Reuters — Octa](https://feedsoft.ai/events/41113-opec-lowers-2022-market-surplus-forecast-to-1-million-bps-reuters-octa.md) | +1.0% | -9.0% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-committee-expects-market-return-surplus-2022-2021-08-31/

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