OPEC+ is slimming down its projections for an oil market surplus this year, according to a report seen by Reuters. The report, which was prepared ahead of the OPEC+ JTC meeting that will take place on Tuesday, showed that the OPEC+ group now sees the oil market surplus at 1 million bpd this year—down from their previous estimates of 1.4 million bpd. The lowering of crude oil surplus projections comes as the OPEC+ group continues to produce under its quota. OPEC+ agreed to increase its production in May by 432,000 bpd. The group was unable…
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