OPEC’s strategy holds

Crude prices climbed by about 0.5 $/b, to 66.7 $/b for ICE Brent prompt month contract, as OPEC+ members maintained their production policy in a rapid meeting held yesterday. However, the API survey showed a build in crude oil inventories of 4.3 mb while distillates and gasoline stocks dipped by respectively 2.4 mb and 1.2 mb. Japanese crude oil stocks declined by a  5.5 mb, despite a modest ramp-up in Japanese refining runs. The Galveston Bay refinery in Texas has now restarted its gasoline unit (FCC) which was down since the 8th of February after several trials.