OPEC+ initially forecasts tighter global oil supply in the fourth quarter

With just a week to go before the next production meeting, OPEC+ expects global oil markets to tighten supply this quarter
.

Global oil inventories are expected to fall by an average of 1.
1 million b/d in the fourth quarter, compared with an estimate of 670,000 b/d
at the committee's meeting early last month, according to a person familiar with the OPEC+ Joint Technical Committee's estimates.

The data showed that fuel demand would be slightly higher and crude oil supplies from countries outside OPEC would be slightly lower than expected
.
By the end of the year, crude inventories in advanced economies will be 158 million barrels below average, a larger gap than the 106 million barrels forecast a
month ago.

The Joint Technical Committee's outlook for the fourth quarter may be more grim
than initially seemed.
The committee's projections assume that OPEC+ members will raise output to official quota levels, a slim chance given that several countries, notably Angola and Nigeria, are facing investment restrictions and operational problems
.
OPEC+ production in September was 700,000 barrels
per day below forecast.

After considering these estimates, the Joint Technical Committee will present its report to OPEC+ ministers, who will meet on November 4 to discuss whether to increase production
.