No OPEC surprises, stable oil prices

The price of Brent 1st nearby is stable above $89/b. As expected, OPEC confirmed that the OPEC+ production quota would be increased by 400kb/d in March and as expected, the market remained wary of the difficulties experienced by many member states in meeting existing quotas.

Moreover, each day brings its own news to maintain the geopolitical risk. Yesterday, the United Arab Emirates announced that it had intercepted three hostile drones that had penetrated its airspace.

US crude oil inventories fell by 1mb last week according to EIA data. Gasoline stocks rose again (+2.1mb) and diesel stocks fell (-2.4mb), in line with recent trends and expectations. The cold snap and road transport pushed demand for distillates to their highest level in 3 years in January.

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