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Brent tops $70/bbl

The oil market is on the move again after taking a breather on Monday, May 31.  Brent rose 0.42% on the day to $69.13/bbl, while WTI advanced 0.39% to $66.72/bbl.

At its meeting on Monday, the OPEC+ Joint Technical Committee meeting confirmed the cartel’s forecast for a 5.95 mbpd increase in oil demand in 2021, and today the OPEC+ ministerial meeting is scheduled to be held. Media reports claim that the ministers of the alliance member countries will not discuss oil production quotas in order to assess the Iranian situation. OPEC Secretary General Mohammad Barkindo was quoted as saying in an interview that the cartel expects the return of Iranian production and exports to the global market will occur in an orderly and transparent fashion.

The Brent price is up 1.5% this morning likely on the back of Barkindo’s upbeat remarks, finally exceeding the long-awaited high of $70/bbl, while WTI is trading 1.4% higher, above $67.5/bbl. Our Brent price forecast for today is in the range of $69.8-71/bbl.

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