OPEC+ has revised up its oil market prediction oil market ahead of today's output policy meeting, amid US pressure to pump up production to save the global economy.
The oil-producing group has raised the 2022 oil demand growth forecast to 4.2 million barrels per day (bpd) with a surplus expected in 2022, instead of the previous 3.28 million bpd, Reuters reported.
The meeting of OPEC+, which will assess the global market and prospects to set production policies, is expected to be held today at 1500 GMT.
Oil prices ticked higher before the producer club meeting as demand roars back because investors are optimistic about additional oil output.
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