DUBAI: An OPEC+ panel has warned of “significant uncertainties” and the risk of an oil glut after April 2022, according to an internal report, building a case for extending the current deal that has maintained curbs on supply.
The panel, known as the Joint Technical Committee, sees an overhang of crude by the end of 2022 under different scenarios looking at supply and demand in the oil market, the report said.
The report showed that while the oil market was in deficit in the short term, a glut was on the horizon after OPEC and its allies, a group known as OPEC+, unwinds cuts that now stand at just under 6 million barrels per day (bpd) from April next year.
Under a base scenario, inventories in OECD industrialized economies would stand at 96 million barrels below the 2015-2019 average for the third quarter and at 125 million barrels below that average in the fourth quarter, the report said.
“In 2022, a significant increase is seen, leading to an overhang of 181 million barrels by the end of the year,” the report added.
The base case adopts global oil demand growth assumptions and non-OPEC supply growth from OPEC’s June monthly report, with a preliminary forecast for 2022.
The panel said it still forecast global oil demand growth of 6 million bpd in 2021, but it said there were downside risks.
It said demand could slow given “uncertainties associated with the divergent pace of the global economic recovery, emerging inflationary pressures, the surge in sovereign debt, the uneven vaccine rollout ..., as well as the widening spread of the COVID-19 Delta variant.”
OPEC watchers said the group could leave production unchanged when ministers meet on Thursday or decide to boost output, possibly by more than 1 million bpd or by a more modest 0.5 million bpd.
OPEC+ sources said no unanimous decision or recommendation emerged from panel’s consultations on Tuesday.
OPEC+ panel sees risk of oil glut after April 2022, report says
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OPEC+ panel sees risk of oil glut after April 2022, report says
- The report showed that while the oil market was in deficit in the short term, a glut was on the horizon
King Abdulaziz Airport among world’s busiest after record-breaking 2025
RIYADH: King Abdulaziz International Airport has achieved a new historical milestone, reaching 53.4 million passengers in a single year.
This is the highest number ever recorded at a Saudi airport since the beginning of air travel in the Kingdom, placing it among the world’s mega airports in terms of passenger traffic, according to the Saudi Press Agency.
The airport handled a total of 310,000 flights and 60.4 million bags, representing a 12 percent increase compared to 2024. It also handled 9.57 million Zamzam water containers and 2,968 cargo flights.
This achievement reflects the airport’s qualitative transformation and its position as a regional hub and national gateway connecting the Kingdom to the world. It also highlights its role in facilitating the movement of visitors and pilgrims, promoting tourism in line with the goals of Vision 2030, diversifying the economy, and providing a distinguished travel experience.
For his part, CEO of Jeddah Airports Co. Mazen Johar, affirmed that reaching 53.4 million passengers confirms the airport’s high operational readiness and represents a pivotal milestone for moving to the next phase, in preparation for doubling this number, God willing, in the coming years.
He pointed out that this national achievement would not have been possible without the grace of God Almighty, followed by the directives of the wise leadership and the continuous follow-up from the minister of transport and logistics, the president of the General Authority of Civil Aviation, and the CEO of Airports Holding Co.
He explained that King Abdulaziz International Airport is strengthening its position as a major aviation hub in the region through expansions, increased capacity, and improved services, supporting the objectives of the aviation program and aligning with the goals of the Kingdom’s Vision 2030.
The CEO of Jeddah Airports Co. expressed his gratitude to the partners in success from various government and private sectors for their fruitful cooperation through a collaborative work system that contributed to providing the best services.
