OPEC laying the groundwork to cut output? Says Biden's reserve release will increase oil surplus

I posted yesterday on the upcoming OPEC+ meeting (December 2) and that Saudi Arabia may push to reduce the planned output boost:

• OPEC meets next week - response to the US reserve release watched for

OPEC's advisory panel, the Economic Commission Board, estimates that oil released by Biden and others could hugely increase the surplus in global markets.

• project an excess of 1.1 m barrels a day in January and February to 2.3 million and 3.7 million a day, respectively, if 66 m barrels are injected over the two-month period

Those numbers are cited by Bloomberg "according to a document obtained". The speculation is that the surplus will be a reason for OPC+ to cut its planned 400k bbl/day increase.

Earlier on oil:

• Oil buyers keep the faith in fading the SPR release news
• OPEC not discussing pausing oil output increases - report
• Oil fights to a draw on the day