OPEC+ cut its forecast for an oil market surplus in 2022 to 1 million bpd from 1.4 million bpd in a report seen by Reuters; the report is for OPEC+ United Technologies scheduled for Tuesday. Prepared for the committee meeting.
Elsewhere, oil supplies may be affected as the political crisis worsens, according to hints from Libya’s National Oil Corporation; Ecuador ‘s energy ministry
“If protests and roads continue, oil production in Ecuador will be suspended for 48 hours due to damaged public facilities,” Ecuador’s energy ministry (doe) said in a statement on June 27, according to AFP. Oil wells are occupied, and roads are closed, hindering the mining activities needed for oil transportation and diesel supply.” Dennis Kissler is senior vice president of trading at Korea Bank Finance Corporation. With this week’s OPEC+ meeting, “the market continues to be on edge.”