Citing two OPEC+ delegates, Reuters reported on Tuesday that the OPEC+ Joint Technical Committee (JTC) lowered its oil market surplus forecast for 2022 by 200,000 barrels per day (bpd) to 800,000 bpd.

According to sources, the JTC did not discuss the output policy ahead of the ministerial meeting of OPEC+ on Wednesday.

Market reaction

Crude oil prices continue to edge lower following this report. As of writing, the barrel of West Texas Intermediate was trading at $93.35, where it was down 0.73% on a daily basis.