Opec+ sees bigger surplus, risks to oil demand growth

LONDON: The oil market will likely see a bigger-than-expected surplus this year, Organisation of the Petroleum Exporting Countries and allies (Opec+) says in a report, as rising energy costs and tighter monetary policy exert downward pressure on oil demand.

The report comes days ahead of an Opec+ policy meeting on Sept 5 and over a week after Opec leader Saudi Arabia said the group may cut oil output.