11 Feb 2021

JBC in the Media - Deutsche Welle (DW)

"With oil prices breaching the $60 a barrel mark and crude stockpiles falling, Russia and some other OPEC+ members are calling for a faster ramping up of production than was agreed in December, reigniting tensions with Saudi Arabia. The group will meet on March 4 to discuss the production target for April.

'I do think that this meeting is going to be more difficult for Riyadh to argue for restraint, even though from a balanced perspective they [OPEC+] should restrain. So, make no mistake about that,' Eugene Lindell from Vienna-based JBC Energy told DW. 'The demand has not come back. So, the price is in a way artificially high. It's gotten ahead of itself. It's pricing more on future expectations than on current fundamentals.'"