Russia’s invasion of Ukraine on 24 February sent shockwaves through the global economic system, and caused Brent prices to surge across the $100/B mark during intraday trading, before settling back at $99/B. Nevertheless, Opec+ sources insist that the alliance continues to follow market fundamentals which point to oversupply for the remainder of the year.

As things stand, Opec+ therefore intends to stick to the plan and only ease its cuts by another 400,000 b/d in April when ministers meet on 2 March. (CONTINUED - 986 WORDS)