Political expediency would argue for an increase in output, while commercial logic would argue that the pressure should be resisted when OPEC meets next week.
More Quotes from Kevin Norrish:
U.S. oil inventories have risen rapidly, relative to normal patterns over the last four weeks. At the level of politics and geopolitical risks, the shadows have continued to gather and darken.Kevin Norrish
What we are seeing is not a function of the world running out of oil. What we are seeing is the legacy of a very long period where investment has been far too low. The problem is getting the oil out of the ground and delivering it to consumers.
Kevin Norrish
The market's had a crack at 60 several times recently, but not looked at all convincing below that level. I just don't think there's the appetite to push it down there.
Kevin Norrish
The statement fell short of an outright denial, leaving market fears free to grow.
Kevin Norrish
Iran matters more than is currently priced in and Iran's external relations remain the key wild card. We continue to see the situation as representing the major upside risk for oil prices this year.
Kevin Norrish
Weather continues to be the key short term factor determining energy price direction.
Kevin Norrish
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