LONDON – OPEC+ revised down its forecast for an oil market surplus this year by about 200,000 barrels per day (bpd) to 1.1 million bpd, according to a base scenario in a technical committee report seen by Reuters on Sunday.

The data – part of a report the Joint Technical Committee (JTC) prepares for OPEC+ ministers – also shows stocks in the developed world standing at 62 million barrels below the 2015 to 2019 average by the end of the year.

This compares with OECD stocks rising 20 million barrels above the same average in the previous forecast.

Ministers from the Organization of the Petroleum Exporting Countries (OPEC)) and allies led by Russia, a grouping known as OPEC+, meet on March 2 to set policy.