FXStreet reports that S&P Global Platts noted in its latest report that crude oil prices declined on subdued global cues and predicted that the oil market will turn into surplus by early 2022, citing an analysis prepared by the OPEC secretariat that was seen by S&P Global Platts.

“Holding to the agreed production increases will flip the market from deficit to surplus by the first quarter of 2022.“

“The analysis assumes global demand growth of 6 million b/d in 2021 and 3.3 million b/d in 2022.”

“Sees OECD oil inventories ending this year at 122 million barrels below the 2015-2019 average that the group is targeting before rising to 10 million barrels above by the end of 2022.”