OPEC+ expects a surplus of 1.9 million barrels per day (bpd) in 2022, up 600,000 bpd from a prior prediction, despite slower demand growth this year, according to a paper reviewed by Reuters on Wednesday.

In the fourth quarter, OECD oil stocks marginally above the 2015-2019 average, according to the report, which was compiled ahead of a meeting of the OPEC+ Joint Technical Committee scheduled for Wednesday.

The revision reflects a weaker oil demand growth forecast adopted by the Organization of the Petroleum Exporting Countries (OPEC) in its April oil monthly report.

OPEC now expects 2022 world oil demand to expand by 3.67 million bpd in 2022, down 480,000 bpd from its previous forecast.

The group cited the impact of Russia’s invasion of Ukraine, rising inflation as crude prices soar and the resurgence of the Omicron coronavirus variant in China as reasons for the revision.