<p>The OPEC+ joint technical committee (JTC) expects the oil market to remain in a 0.9 million barrel per day (bpd) deficit this year, but hit a surplus of 2.5 million bpd in 2022 as the group raises production, a document seen by Reuters showed.</p>.<p>The JTC expects global oil demand to grow by 5.95 million bpd this year, in line with its previous forecast, and by 3.28 million bpd next year.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/opec-likely-to-keep-oil-output-policy-from-september-unchanged-report-1025111.html" target="_blank">OPEC+ likely to keep oil output policy from September unchanged: Report</a></strong></p>.<p>The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, meet on Wednesday at 1500 GMT (8:30 pm) to set policy.</p>.<p>Sources told <em>Reuters</em> the Wednesday meeting is likely to leave the plan unchanged despite pressure from the United States to pump more.</p>.<p>The JTC, which advises the meeting on market fundamentals, expects commercial oil inventories in OECD countries to remain below their 2015-2019 average until January next year but to exceed that average for the rest of 2022, the document showed.</p>
<p>The OPEC+ joint technical committee (JTC) expects the oil market to remain in a 0.9 million barrel per day (bpd) deficit this year, but hit a surplus of 2.5 million bpd in 2022 as the group raises production, a document seen by Reuters showed.</p>.<p>The JTC expects global oil demand to grow by 5.95 million bpd this year, in line with its previous forecast, and by 3.28 million bpd next year.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/opec-likely-to-keep-oil-output-policy-from-september-unchanged-report-1025111.html" target="_blank">OPEC+ likely to keep oil output policy from September unchanged: Report</a></strong></p>.<p>The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, collectively known as OPEC+, meet on Wednesday at 1500 GMT (8:30 pm) to set policy.</p>.<p>Sources told <em>Reuters</em> the Wednesday meeting is likely to leave the plan unchanged despite pressure from the United States to pump more.</p>.<p>The JTC, which advises the meeting on market fundamentals, expects commercial oil inventories in OECD countries to remain below their 2015-2019 average until January next year but to exceed that average for the rest of 2022, the document showed.</p>