Production ramp up likely

The OPEC+ group meets today, after a meeting gather OPEC core members yesterday. The joint technical committee, responsible for the perspective view of the OPEC regarding the oil market fundamentals, pointed out that OECD crude and refined product would remain below the 2015-2019 average. This level of expected stocks continues to justify a production ramp-up for OPEC nations without fearing a rapidly building glut. We foresee a continued 400kb/d ramp-up in target production in February. Crude prices continued to climb higher yesterday, at 79 $/b for March Brent futures.